Pickering Islamic Centre collects Zakah and ensure it's prompt distribution in accordance with the teachings of Islam.
Zakah (Almsgiving) is the third pillar of Islam. The Arabic word Zakah means to purify (i.e. wealth). The Zakah is to be disbursed to the poor and needy once a year on savings in excess of the nisab threshold at the rate of two and a half percent (2.5% or 1/40). This rate applies to cash, bank savings, all forms of gold and silver, investments and business inventory and stock. (There are other rates for certain types of agriculture and livestock).
The payment is due at the end of the year once all expenses have been paid. Through the payment of Zakah, the rich share their wealth with the poor and thus the concentration of wealth is checked, and a fair distribution of wealth is ensured. It should be noted that Zakah is an act of worship independent of Ramadan and Muslims should make haste in distributing Zakah to the poor as soon as it becomes due and not defer it to Ramadan. However, there is no harm in deferring the payment of a small portion if one wishes to acquire the blessings of Ramadan.
If you have questions regarding Zakah or would like to learn more, please contact our Imam.
Zakah Calculator: Click here to download (Excel Required)