Zakah
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“True piety is this: to believe in God, and the Last Day, the Angels, the Book, and the Prophets, to give of one’s substance, however cherished, to kinsmen, and orphans, the needy, the traveler, beggars, and to ransom the slave, to perform the prayer, to pay the zakah.” (Qur’an 2:177)
Zakah is a compulsory act of worship that requires Muslims who own wealth at, or over a certain threshold (Nisab) to donate a portion of their wealth, typically 2.5%, to eligible recipients.
Remember that the Nisab is either 87.48 grams of gold or 612.36 grams of silver. To ascertain the current monetary equivalent of the Nisab limit, it is necessary to establish the market rate for a gram of gold and silver. You are only obliged to pay Zakah if the above amount is equal to, or exceeds the Nisab threshold.
