Zakat
Mandatory almsgiving of specific assets, part of Islamic wealth obligations.
Detailed Description
Zakat
What is the purpose of Zakat?
The purpose of Zakat is to purify one’s wealth, promote social equality, and assist those who are less fortunate.
How is Zakat calculated?
Zakat is typically calculated as 2.5% of an individual's accumulated wealth over a lunar year, excluding debts and liabilities.
What are the two main types of Zakat?
The two main types of Zakat are Zakat al-Mal (on wealth) and Zakat al-Fitr (given at the end of Ramadan).
How does Zakat differ from Sadaqah?
Zakat is a compulsory act of giving with specific criteria, while Sadaqah is voluntary and can be given at any time and in any amount.
What impact does Zakat have on society?
Zakat helps to reduce poverty, promote social justice, and enhance community welfare by redistributing wealth.