Zaakat is the third pillar of Islam. Zakaat is also regarded as a type or worship and is the compulsory and systematic giving of one’s wealth to Poor and needy. The Zakaat is giving 2.5% of one’s wealth every year to the poor. Zakaat is not given out of kindness or generosity. But it is the entitlement of the poor.
The Zakaat teaches us many lessons such as
• As we are that we will die one day, it prevents us to cling to things and become materialistic.
• We become free from the love of possessions, greed and love of money.
• Obeying Allah subhanahu wa ta’ala in helping that have been chosen to make poor.
• Acknowledging that it is Allah subhanahu wa ta’ala choice whether we are rich or poor.
• Behaving honestly
It is said that zakaat cannot be purposely miscalculated or avoid as it will come out of your wealth. Often is in terms of financial losses. The 2.5% rate only applies to cash, gold and silver, and commercial items. There are other rates for farming, mining produce and animals.
The Zakaat can also be given to the poor relatives who are entitled to it. This referred better than giving it to those who are not your relatives, because giving Zakaat to relatives is both charity and upholding the ties of kinship, which is encouraged in Islam.