What is Zakat?

Zakat is the third of the five pillars of Islam that obligates Muslims who have wealth of 3 ounces, or 85 grams, of gold or equivalent to donate 2.5% of their net worth to the poor, hungry, displaced, and vulnerable. The 3 ounces of gold must be in their possession for over one year to ensure financial stability. Money or assets that are necessary for basic needs and debt payments are not to be included in their net income.