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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] It is considered in Islam a religious obligation, [4] [5] and by Quranic ranking, is next after prayer in importance. [6]
However, the amount of zakat paid on capital assets (e.g. money) and stock-in-trade and jewelry is customarily 2.5% (1/40). [8] Zakat is also payable on agricultural goods, precious metals, minerals, and livestock at a rate varying between 2.5 and 20 percent, depending on the type of goods.
Salah: 5 daily prayers; Sawm: Fasting Ramadan; Zakat: Almsgiving, similar to Sunni Islam, it applies to money, cattle, silver, gold, dates, raisins, wheat, and barley. Khums: An annual taxation of one-fifth (20%) of the gains that a year has been passed on without using. Khums is paid to the Imams; indirectly to poor and needy people.
Sadaqat al-Fitr is a duty which is considered wajib (required) of every Muslim, whether male or female, minor or adult as long as they have the means to do so.. According to Islamic tradition (), Ibn 'Umar said that the Islamic Prophet Muhammad made Zakat al-Fitr compulsory on every slave, freeman, male, female, young and old among the Muslims; one Saa` of dried dates or one Saa` of barley.
Zakat (Arabic: زكاة, zakāh), also spelled Zakāt or Zakah, is a type of almsgiving characterized by the giving of a fixed portion (2.5% annually) [97] of accumulated wealth by those who can afford it to help the poor or needy, such as for freeing captives, those in debt, or for (stranded) travellers, and for those employed to collect zakat.
The Quranists give zakat based on the Quranic verses. In the opinion of many Quranists, zakat must be paid, but the Quran does not specify a percentage because it does not appear explicitly in the Quran. [44] Other Quranists are in agreement with the 2.5 percent, but do not give the zakat annually, but from all money they earn. [45]
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Known in Shia Islam as the verse of walaya (or wilaya), [16] verse 5:55 of the Quran is translated by The Study Quran as Your protector (wali) is only (innama) God, and His Messenger, and those who believe, who perform the prayer and give alms (zakat) while (waw) bowing down. [16]