How well do you know about Zakat in Islam?

Study Notes

Zakat is one of the pillars of Islam, an act of worship through giving away a portion of one's wealth for the benefit of the poor.
It is mentioned in the Quran along with Salat and is an obligatory payment for rich Muslims to the needy and the poor.
The literal meaning of Zakat is to purify, and it serves as a reminder that wealth is a trust bestowed by Allah.
Zakat ensures a steady flow of wealth from the rich to the poor and helps in bettering their economic conditions.
The Holy Quran contains warnings for those who do not pay Zakat and specifies categories of people to whom Zakat is to be distributed.
Zakat is payable at the rate of 2 ½% on cash, gold, and silver and is to be paid only once a year.
It is to be paid on jewelry, crops, animals, minerals, agricultural land, and commercial goods.
Zakat cannot be given to parents or one's children, non-Muslims, or as remuneration for services.
The regular payment of Zakat is an attribute of a true believer, and one of the signs of unbelievers is that they deny the Hereafter and do not pay Zakat.
Allah promises that generosity shall be repaid liberally.

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