zakat which literally means “purification”, because zakat is considered to purify one’s heart of greed. Love of wealth is natural and it takes firm belief in God for a person to part with some of his wealth. Zakat must be paid on different categories of property — gold, silver, money; livestock; agricultural produce; and business commodities — and is payable each year after one year’s possession. It requires an annual contribution of 2.5 percent of an individual’s wealth and assets.
he financial obligation upon Muslims.
An important principle of Islam is that everything belongs to God, and that wealth is therefore held by human beings in trust. The word zakah means both "purification" and "growth." Our possessions are purified by setting aside a proportion for those in need and for the society in general. Like the pruning of plants, this cutting back balances and encourages new growth.