How to Calculate Zakat on Money
Zakat is the compulsory giving of a fixed proportion of one's wealth to charity. It is considered as a type of worship and self-purification. Zakat is one of five pillars of Islam. Zakat is not the charitable gifts given out of kindness or generosity, but it is the mandatory giving of 2.5% of one's wealth each year to benefit the poor and the needy.