Zakat plays an important role in Islam as it symbolizes “the third pillar of Islam”. Zakat in the literal sense means blessing, purity, and goodness. It is an estimated share of limited types of wealth imposed by God almighty to be distributed to entitled members of society as highlighted in the Holy Quran. Zakat is due in (gold, silver, money, cattle, sheep, and all kinds of food, such as dates and raisins).
- One’s Zakatable wealth rises to a minimum threshold (Nisab)
- A lunar year (Hawl) passes while one’s zakatable wealth sustains the minimum threshold (Nisab).