... and then announce it will be donated to charity, an obligation expected from all Muslims.
Zakat (or Zakāh زكاة ) is one of the Five Pillars of Islam. Zakat is the Arabic word for "Giving to Charity" or "Giving to the Needy".[a][3] Zakat is a form of almsgiving, often collected by the Muslim Ummah.[1] It is considered in Islam a religious obligation,[4][5] and by Quranic ranking, is next after prayer (salat) in importance.[6] Eight heads of zakat are mentioned in the Quran.[7]
As one of the Five Pillars of Islam, zakat is a religious duty for all Muslims who meet the necessary criteria of wealth to help the needy.[8][9] It is a mandatory charitable contribution, often considered to be a tax.[10][11] The payment and disputes on zakat have played a major role in the history of Islam, notably during the Ridda wars.[12][13][page needed]
Zakat on wealth is based on the value of all of one's possessions.[14][15] It is customarily 2.5% (or 1⁄40)[16] of a Muslim's total savings and wealth above a minimum amount known as nisab each lunar year,[17] but Islamic scholars differ on how much nisab is and other aspects of zakat.[17] According to Islamic doctrine, the collected amount should be paid to the poor and the needy, Zakat collectors, orphans, widows, those to be freed from slavery, the aged who cannot work to feed themselves, those in debt, in the cause of God and to benefit the stranded traveller.
https://en.wikipedia.org/wiki/Zakat
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