zakah
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The word 'Zakah' means blessing, purification, increase and goodness. It blesses the wealth from which it is taken and protects it from misfortunes. Ibn Taimiah said, "The soul of one who gives Zakah is blessed and so is his wealth."
The purpose of paying Zakah is to help the poor and overcome the burden of poverty.
Zakah is an obligatory duty and it is the third pillar of Islam. 2.5% of ones wealth must be paid to the poor, by all muslims when two conditions are satisfied: Nisab and due date.
Nisab is 2.8oz/87g of pure gold or the equivalent value in money. According to Abu Saud, the basic definition of Nisab is 'that amount which is sufficient to sustain the minimum average family for one year'
Zakah is due after one year, starting from either the first day you acquired the amount of Nisab or the day you paid Zakah last year...