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In Islam, Zakat is an obligatory charity that Muslims must pay every year. The word Zakat means to purify. So, in Islam, Zakat helps Muslims purify their wealth. Since Zakat is a religious ritual, Muslims are required as a matter of faith to learn it and perform it correctly. This means, a Muslim must assess Zakat accurately upon his or her own different types of wealth and ensure its proper distribution at its due times to specified beneficiaries, with or without a supervising authority.
Zakat Al-Mal is commonly referred to as “Zakat” by most Muslims. It is Zakat that Muslims are required to pay annually on wealth that includes: currency, gold, silver, and property. It considers your comprehensive net assets (total wealth). The amount of Zakat Al-Mal that each Muslim owes will vary because it is 2.5% of net wealth that a person holds for a year. Zakat al Mal is only required once a Muslim reaches a certain financial threshold known as nisab. If a Muslim doesn’t reach this threshold, Zakat Al-Mal isn’t required on him or her.
The West Shore Islamic Centre will ensure your Zakat is distributed to the specified beneficiaries:
The poor (al-fuqarâ’), meaning low-income or indigent.
The needy (al-masâkîn), meaning someone who is in difficulty.
Those whose hearts are to be reconciled, meaning new Muslims and friends of the Muslim community.
Those in bondage (slaves and captives).
In the cause of God.
The wayfarer, meaning those who are stranded or traveling with few resources.
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