The word zakat means “purity, development, blessings and praise” but in practice it refers to alms – money or food that is given to the poor . Zakat al-mal (or zakah al maal) can be defined as the obligation upon every Muslim man and woman having certain amount of wealth kept for a (lunar) year, to pay a certain amount to deserving people. Zakat is therefore the amount to be paid (obligation) calculated upon the savings (nisab) held for a year and to be paid to the needy people whether in monetary terms or in the form of commodities. Zakat al-mal was declared compulsory for Muslims.
Zakat al-mal is applicable on all the financial belongings such as currency, gold, silver, property and vehicles too if these are either held with the intentions of trading or savings i.e. zakat is not applicable over things that are necessities of life.
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Donate Zakat Al Maal