What is Zakat?
Zakat (zakaat, zakah), or almsgiving, is one of the five pillars of Islam. This means that Zakat is mandatory for Muslims, along with the other four sacred pillars of Islam. For every sane, adult Muslim who owns wealth over a certain amount – known as the Nisab – he or she must pay 2.5% of that wealth as Zakat.
Eligible Muslims pay Zakat once a year, and it is due as soon as one lunar (Islamic) year has passed since meeting or exceeding the Nisab (certain amount of wealth). The Zakat of every Muslim is then distributed to those who meet the criteria to receive it.
Ref: Islamic Relief Worldwide website
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