Remittance made yearly according to Islamic law on certain kinds of property and used for welfare and religious cause, one of the Five Pillars of Islam.
In Arabic it means “that which decontaminates”, is a form of compulsory bounty-giving and saintly tax in Islam. It is established on earnings and the value of all of one’s hold. It is usually 2.5% of a Muslim’s total earnings, cut and riches exceeding a minimal amount called Nisab .The collected sum is paid pursuant to the Quran in surah At-Tawba (chapter 9), verse 60: “Zakat outlay are only for the poor and for the deprived and for those appointed to gather [zakat] and for conducting hearts together [for Islam] and for freeing prisoners [or slaves] and for those in debt and for the cause of Allah and for the [abandoned] traveler – a duty [established] by Allah . And Allah is significant and knowledgeable”.
Zakat is one of the Five Pillars of Islam, compulsory for all Muslims. Zakat is a humanitarian subsidy, and is reckoning as an Islamic tax.
A Muslim who has some riches and still does not pay off zakat he is considered as a serious offender in the verdict of Allah. He will be strictly penalized on the Doomsday. Our holy Prophet has narrated: “The person who holds gold and silver and does not give zakat, on the Doomsday, piece of fire will be made for him. These pieces will be heated in the fire of Hell and his sides, forehead and back will be marked with them. When these pieces become cool, they will be re-heated and the uninterrupted action will be restated.” Our holy Prophet has narrated: “A Muslim who has been granted riches by Allah and in spite he does not give zakat, on the Doomsday all his riches will transform into a gigantic poisonous snake which will confine his neck. It will then shred the sides of his mouth apart and will rebuke him: ‘I am your riches and I am your treasure troves.'” Who can bear such an unsparing bashing? It is the acme of idiocy and ignorance that we are ready to suffer the consequences for a little avarice and greed on our part. It is immensely foolish and inappropriate to deny spending in the trajectory of Allah from the riches that Allah has given to us.
The capital owned is fewer than the nisaab, zakat will not be WA’ jib on the person. However, if the person has some more riches upon which zakat is obligatory, then this capital should be included to the riches owned. If, after collecting them jointly, they equal the nisaab, zakat will be WA’ jib on the entire total.
The discharge of Zakat:
After the end of the year, zakat should be handed-over instantly. It is not a healthy custom to holdup in conducting good virtues because it is viable that demise may over-whelm while his responsibilities still persist on his shoulders. If handing-over zakat is delayed to such an expanse that the second year also finishes, the person will be an offender but he can still regret for this sin and hand-over zakat immediately.