The Largest Donation of Billions and Trillions is happening every year in a invisible way in the form of Zakat
Do you ever wonder who is giving more charity in this world? Its from the 24% population of the world, from Muslims! as every year they are donating in between 2 trillion dollars to 3 trillion dollars all over the world, as per the estimate of Islamic Financial analysts every year the charity amount is increasing. Follow Saudi Expatriates
The largest donation is happening every year in the form of Zakat in an unorganized and invisible manner, its just moving from one hand to another, without any advertisement or public talk. Zakat is the right of the poor, it is not considered as a favor from the rich to the poor.
Why Muslims are giving billions and trillions of charity every year?
Zakat is one of the 5 pillars of Islam, Zakat means to cleanse, to purity, to increase, it is the compulsory giving of a proportion of one's wealth in charity to the people in need. Islam requires Muslims to give 2.5% of their wealth and assets to the poor every lunar year. Besides this, Muslims also give Sadaqa, which is voluntary charity.
- Zakat is one of the largest forms of wealth transfer from the rich to the poor. Zakat can be paid at any time of the year, but most of the Muslims donate their Zakat during Ramadan, in the month of Rewards. See Also : World's 20 largest Muslim population countries
Do All Muslims pay Zakat?
Zakat must be paid by those all Muslims whose wealth exceeds the minimum level, like those who have gold of more than 87 grams or silver of more than 612 grams. Similarly Zakat is applicable on bank balance, available cash, shares, stocks, investments, etc.,
To whom Muslims pay Zakat :
Zakat should be paid to the poor and the needy people, to those who have debts, to slaves, or can use in the cause of god, to zakat administrators, to new Muslims or friends of Muslim community, to those who are stranded or traveling with few resources. Read : History of Silver and gold doors of Kaaba
Who are not eligible for Zakat?
Zakat must not be given to your immediate family like to your spouse, children, parents or grand parents. However, you can pay zakat to all other close relatives than mentioned, who are qualify for it. Know more : Few interesting facts about Hajj pilgrimage
