What is zakah and what is nisab?
Zakah is an obligatory charity taken from the wealthy and given to the poor and the other groups named in the Quran. It is due on savings that reach a minimum amount (nisab) and are held for one lunar year; the rate on money is one-fortieth (2.5%) by scholarly consensus.
Evidence
۞إِنَّمَا ٱلصَّدَقَٰتُ لِلۡفُقَرَآءِ وَٱلۡمَسَٰكِينِ وَٱلۡعَٰمِلِينَ عَلَيۡهَا وَٱلۡمُؤَلَّفَةِ قُلُوبُهُمۡ وَفِي ٱلرِّقَابِ وَٱلۡغَٰرِمِينَ وَفِي سَبِيلِ ٱللَّهِ وَٱبۡنِ ٱلسَّبِيلِۖ فَرِيضَةٗ مِّنَ ٱللَّهِۗ وَٱللَّهُ عَلِيمٌ حَكِيمٞ
Zakāh expenditures are only for the poor and for the needy and for those employed for it[487] and for bringing hearts together [for Islām] and for freeing captives [or slaves] and for those in debt and for the cause of Allāh and for the [stranded] traveler - an obligation [imposed] by Allāh. And Allāh is Knowing and Wise.
Translator’s notes
[487] By the state to collect, guard and distribute the zakāh.
خُذۡ مِنۡ أَمۡوَٰلِهِمۡ صَدَقَةٗ تُطَهِّرُهُمۡ وَتُزَكِّيهِم بِهَا وَصَلِّ عَلَيۡهِمۡۖ إِنَّ صَلَوٰتَكَ سَكَنٞ لَّهُمۡۗ وَٱللَّهُ سَمِيعٌ عَلِيمٌ
Take, [O Muḥammad], from their wealth a charity by which you purify them and cause them increase, and invoke [Allāh's blessings] upon them. Indeed, your invocations are reassurance for them. And Allāh is Hearing and Knowing.
وَأَقِيمُواْ ٱلصَّلَوٰةَ وَءَاتُواْ ٱلزَّكَوٰةَ وَٱرۡكَعُواْ مَعَ ٱلرَّـٰكِعِينَ
And establish prayer and give zakāh[24] and bow with those who bow [in worship and obedience].
Translator’s notes
[24] An annual expenditure for the benefit of the Islāmic community (see 9:60) required of those Muslims who have excess wealth. Prayer and zakāh are among the pillars of Islām.
فَأَعْلِمْهُمْ أَنَّ اللَّهَ افْتَرَضَ عَلَيْهِمْ صَدَقَةً فِي أَمْوَالِهِمْ، تُؤْخَذُ مِنْ أَغْنِيَائِهِمْ وَتُرَدُّ عَلَى فُقَرَائِهِمْ
Narrated Ibn `Abbas:The Prophet (ﷺ) sent Mu`adh to Yemen and said, "Invite the people to testify that none has the right to be worshipped but Allah and I am Allah's Messenger (ﷺ), and if they obey you to do so, then teach them that Allah has enjoined on them five prayers in every day and night (in twenty-four hours), and if they obey you to do so, then teach them that Allah has made it obligatory for them to pay the Zakat from their property and it is to be taken from the wealthy among them and given to the poor."
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