Zakat

Zakat (almsgiving) is reward and keeps you clean. It is a compulsory payment from a Muslims yearly savings. It literally means purification, and is a yearly payment of 2.5% of the value of cash, jewelers and precious metal; a separate applies to annuals, crops and mineral wealth. It is neither a charity nor a tax: charity is optional, whilst taxes can be used for any of society’s needs.

Zakat can only be spent on helping the poor and needy, the disable, the oppressed debtors and other welfare purposes, as defined in the Quran and Sunnah. It is an act of respect. It is one of the fundamental values of an Islamic economy, which ensure an equitable society where everybody has a right to contribute and share. It should be paid with the conscious belief that our wealth and our property.

A Muslim may also contribute more as an act of voluntary charity (sadaqah), rather than to achieve additional divine reward. There are two main types of  Zakat. First, there is the kajj, which is a fixed amount based on the cost of food that is paid during the month of Ramadan by the head of a family for himself and his dependents. Second, there is the Zakat on wealth, which covers money made in business, savings, income, and so on.

In current usage Zakat is treated as a 2.5% collection on most valuables and savings held for a full lunar year, as long as the total value is more than a basic minimum known as nisab (3 ounces (85.05 g)). When of July 2011, nisab is approximately USD 3,275 or an equivalent amount in any other currency. A lot of Shiites is expected to pay an additional amount in the form of a  khums duty, which they consider to be a separate ritual practice. There are five principles that should be there followed when giving the Zakat:

1. The giver must announce to God his intention to give the Zakat.
2. The Zakat necessity is paid on the day that it is due.
3. Following the Offering, the payer must not exaggerate on spending his money more than usual means.
4. Payment required to being in kind. This way if one is rich then he or she needs to payment two an half (2.5 %) of their profits. If someone does not have much money, then they should recompense for it in different ways, such as good manners and good behavior toward others.
5. The Zakat have to be distributed in the community from which it was taken.

Zakat for rich Muslim peoples who like to satisfied Allah.

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