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Zakat

Zakat (Alms, Zakāh or Zakaat)
Zakat (Zakāh or Zakaat) is one of the five pillars of Islam. Zakat is the Arabic word for "Giving to Charity" or "Giving to the Needy". Zakat strengthens ties between different segments of society. The virtue and rewards of charity are great, especially during the blessed month of Ramadan. Zakat is a religious duty for all Muslims who meet the necessary criteria of wealth to help the needy.
If a person possesses 612.35 grams of silver or 87.479 grams of gold or any currency that equals the value of this amount of gold or silver, and this wealth remains in his possession for a complete year, then on the expiry of this year it will be wajib on him to give zakaat for it. If his wealth is less than this, zakaat will not be wajib. If it is more than this, zakaat will still be wajib. This amount of gold or silver that has been mentioned is commonly referred to as the "nisaab" of gold or silver.

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