One of the Muslims economic duties which is very important is to pay Zakat.
In the Holy Quran paying Zakat is very significant because it has been cited after prayer (Salat) and is the sign of Iman (belief) and is a source of virtue.
Among the Revayats (The sayings of 14 infallibles) there are many which have been related by the 14 infallibles. (Masoomeen)"whoever refrains from depositing Zakat is outside of the Faith."
Zakat like Khums has its specific items for which Zakat must be paid every year on Eid ul Fitr. It is obligatory only on those persons who have the economic capability to pay it. This type of Zakat was explained in the section on fasting.
The other part of Zakat is Zakat of wealth. It is not such that all of a persons assets have Zakat, only 9 things have Zakat.
392 - Wealth on which paying Zakat is
obligatory for are the following:
393 - Zakat becomes obligatory when the item arrives at limited amount specified which is specified in the following page.
The Rule of Zakat
394 - If during the entire year one animal eats the wild grass of the desert, forest etc, It is obligatory (wajib) on the owner to pay Zakat for that animal. If during the entire year or for part of it the animal eats grass which has been planted or harvested, it is not obligatory to pay Zakat for it.
395 - The Zakat of gold or silver is obligatory on these if either one is in the form of coins which can be used in transactions. Thus what ladies use to day as jewelry does not have Zakat on it.
396 - Paying Zakat is part of worship and what is paid must be with the intention of Zakat and to please God.
Use of Zakat
397 - Zakat is used for eight cases, It can be used in totality or in part for these cases:
* The poor
* The debtor who cannot pay his/her debt.
* Non - muslims who if given Zakat will incline towards the religion of Islam or will help the Muslims in time of war.
* In the way of Allah, in other words in work which will result in benefit for the Muslims. For example: for building roads, bridges or mosques.