Zakat Al Mal
Zakat is one of the five pillars of Islam. Practicing Zakat is absolutely essential, as it purifies your wealth. Through Zakat, you can help the poor, the orphans and the disabled.
“…and those in whose wealth there is a recognised right, for the needy and deprived” (Al-Ma’arij 70:24-25)
Paying Zakat is obligatory for all eligible Muslims. Zakat is the right of the poor on the wealth of the rich.
How much do I have to pay?
Every sane, adult Muslim whose wealth exceeds a certain amount- called Nisab- he\she must pay 2.5 % of that wealth as Zakat.
There are 2 measures to determine the Nisab: