Islamic Zakaat Fund

What is Zakaat

Zakat is a compulsory act of worship that requires Muslims who own wealth at or over a certain threshold (called the Nisãb) to donate a portion of their qualifying wealth, typically 2.5%, to eligible recipients. It is a right the poor have over the rich.
The Nisaab was set by the Prophet Muhammad (peace be upon him) at a rate equivalent to 87.48 grams of gold and 612.36 grams of silver, equating to approximately K415,000 (April, 2021). Linguistically, Zakat carries meanings of purification and growth.  The significance
of this pillar is such that in the Quran it is mentioned 28 times in conjunction with the observation of Salat, the obligatory prayer.

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