“And establish prayer and give Zakat, and whatever good you put forward for yourselves – you will find it with Allah.”
As one of the pillars of Islam, zakat is a form of obligatory charity that has the potential to ease the suffering of millions.
With the literal meaning of the word being ‘to cleanse,’ Muslims believe that paying zakat purifies, increases and blesses the remainder of their wealth.
“Whoever pays the zakat on his wealth will have its evil removed from him”
(Ibn Khuzaimah and at-Tabarani).
Zakat is also a spiritual connection to one’s maker – to purify your wealth for the will of Allah is to acknowledge that everything we own belongs to Him, and it is for Him that we strive to end poverty and help our brothers and sisters.
According to the Hanafi madhab, zakat is 2.5% of wealth that has been in one’s possession for a lunar year. If wealth amounts to less than a threshold figure, termed the nisab, then no zakat is payable. If wealth amounts to more than the nisab, zakat becomes obligatory.
“Of their goods, take zakat, so that you might purify and sanctify them.”