"And establish regular prayer and give regular (zakat) charity and obey the Messenger of Allah, so that you may receive mercy." (Surah An-Nur, 24:56)

"Of their wealth, take alms so you may purify and sanctify them."
(Surah At-Taubah, 9:103)

"Zakat" literally means purification and growth. Thus the paying of zakat:

• Purifies and multiplies our possessions and wealth
• Cleanses our heart from selfishness and greed
• Develops gratefulness for Allah’s bounty
• Brings about a sense of peace and well-being
• Helps establish economic balance and social justice in society

When is Zakat due?

Zakat is due on 4 conditions;
1. Muslim - Zakat is only applicable to Muslim.
2. Full Ownership - This person must have full ownership of the wealth
3. Nisab - The person's wealth at any point in time in the Hijrah year must reach Nisab, which is equivalent to the market value of 86gram of Gold.
4. Haul - The wealth above Nisab must be with the person for at least one hijrah year.

Additional conditions for Zakat on Business;
1. Compulsory for Halal assets only
2. Compulsory for productive assets
3. Intention to do business (Urud at-Tijarah)

NISAB VALUE FOR AUGUST 2010 : $ 4,944

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