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Zakat is one of the pillars of the Islamic faith. Zakat literally means "alms", and there are different kind of Alm's, e.g. Zakat ul-Fitr (Alms of the fast-breaking) or Zakat ul-Maal (Alms of the Wealth). The implied Zakat that makes up the pillar of Islam is Zakat ul-Maal, which mandates Muslim to donate 2.5% of their personal wealth to those in need, annually. Muslims believe that Zakat purifies the spirit and brings them closer to God, and that not paying it makes your wealth "dirty" (haram). Learn how to calculate your personal zakat so you can fulfill your spiritual duties.[1]
Nisab is the threshold of wealth that you must reach before having a religious duty to pay zakat - before your wealth is zakat-eligible. If your total, zakatable personal wealth exceed the nisab, you owe zakat. If not, then you don't owe zakat.
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