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Zakat spending as per Holy Quran on 8 categories of people Silver or gold coinage is one way of granting zakat. Zakat (or Zakāh) is one of the five pillars of Islam. Zakat is the Arabic word for "Giving to Charity" or "Giving to the Needy". [a] [3] Zakat is a form of almsgiving, often collected by the Muslim Ummah. [1]
Zakat can be calculated on property, gold, income, diamond, etc. and before paying zakat, It is important to see who are eligible for zakat. [27] The gold considered in determining the Zakat threshold is 24 karats because 21, 18, and other karats are not pure gold; they are mixed with other metals and alloys.
Zakat is considered by Muslims to be an act of piety through which one expresses concern for the well-being of fellow Muslims, [38] as well as preserving social harmony between the wealthy and the poor. [39] Zakat promotes a more equitable redistribution of wealth and fosters a sense of solidarity amongst members of the Ummah. [40]
Zakat means purification which indicates that a payment makes the rest of one's wealth legally and religiously pure. [17] By following this pillar, Muslims have to deduct certain amount of their wealth to support the Islamic community — usually about 2.5% of their wealth. This practice is not found in the Quran but rather in the hadith.
Zakat is obligatory when a certain amount of money, called the nisab (or minimum amount), is reached or exceeded. Zakat is not obligatory if the amount owned is less than this nisab. The nisab of gold and golden currency is 20 mithqal, or approximately 85 grams of pure gold. One mithqal is approximately 4.25 grams.
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In Islam, there are two methods of charity: zakat and sadaqa. Zakat is one of the five pillars upon which the Muslim religion is based. 2.5% of one's savings is compulsory to be given as zakat per Islamic calendar year, provided that the saving is beyond the threshold limit, called nisab, usually determined by the religious authority.
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