3. Zakat (Almsgiving)
Zakat is the obligatory charity that Muslims must give annually if they meet the required wealth threshold (nisab).
Amount: Typically 2.5% of one’s savings and wealth.
Recipients: Zakat is given to the poor, needy, and other specified categories mentioned in the Quran (Surah At-Tawbah, 9:60).
Significance: Zakat purifies wealth, fosters social justice, and reduces economic inequality. It reminds Muslims of their responsibility to care for others and strengthens community bonds.