The third pillar is the obligatory alms (zakat), and affects the - TopicsExpress

The third pillar is the obligatory alms (zakat), and affects the economic well-being and spiritual revival of man. The net savings of every Muslim does not belong only to him and his family, but also the needy, the poor, and six other socially disadvantaged groups, as prescribed in the Koran. This is paid out 2.5% of the net savings with a limit for cash, jewelry, stocks, etc., during the year of which the settlement takes place in the month of Ramadan. Zakat purifies your ability and helps establish economic balance and social security. Muslim States are required to collect and distribute zakat, but elsewhere it is the duty of Muslims to gather this zakat during the year and then dividing the zakaatgerechtigden. Besides this compulsory payment Allah encourages you to the needy and the poor, out of His generosity granted to you to give. Such charity earns the reward according to the Quran 700 times or more.

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