A Pillar of the Faith
Zakat is one of the fie pillars of Islam and it is incumbent on every Muslim to pay 2.5% zakat on his or her savings. These include cash, money in your bank account(s) and investments such as shares and bonds. Additionally, zakat must be paid on any gold and/or silver jewellery you may own.
Paying your zakat is a religious duty, but it also helps alleviate poverty and help the destitute through Muntada Aid. Muslims are encouraged throughout the Qur’an to assist the poor and needy, through both compulsory and voluntary acts of charity
“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 zakat.” (Qur’an 2:177)