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Zakat is an obligatory form of charity and one of the pillars of Islam, which is required of a muslim once his wealth is equivalent to or exceeds the prescribed limit Nisab for one lunar year Hawl. It is clearly stated in the Qur’an and the authentic quotes Hadith of the Prophet Muhammad(S.A.W.). Allah mentioned in Qur’an Chapter 2, Verse110:
“…And establish prayers and give Zakat, and whatever you put forward for yourselves – you will find it with Allah. Indeed, Allah is All-Seer of what you do.”
Furthermore, Zakat helps in providing for the needy and achieving social justice among members of a society. The payment of Zakat helps to purify the hearts from selfishness and greed. It also serves as a protection from the punishment of hellfire.