As we approach the first week of the holy month of Ramadan, many Muslims observing the holiday may be beginning to plan their charitable contributions for the holiday.
Zakat is one of the key parts of being a Muslim and refers to a set percentage of one's income that is put aside to give to those in need - traditionally, 2.5 per cent of income must be given away in a lunar year (every 354 days).
Before a Muslim decides whether to give their zakat or not, they must first see if they are earning enough money to be eligible to give it away.
The minimum value of what a Muslim must own before donating is called Nisab. Traditionally the nisab would be valued in weight to silver or gold (depending on the school of thought).
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