Zakat is one of the five pillars of Islam. It is obligatory on all Muslims (men and women) who possess wealth at least equal to ‘Nisab. Nisab is the minimum amount of one’s holdings on which it must be paid. The Nisab is 2.85 ounces of gold (the approximate value of 2.85 oz. of gold is $4,675). Zakat is the most important act of lbadah after Salah. It purifies assets and creates virtue. The Holy Our’an and the Prophet’s (PBUH) Ahadith warn of severe punishment to those who do not pay their Zakat.
” The Example of those who spend their wealth in way of Allah is like seed of grain which grows seven spikes; in each spike is hundred grains. And Allah multiplies His reward for whom he will. “
(The Holly Quran , 2:261)
Zakat is 2.5% of the Zakatable assets. You can pay your Zakat online at this website by clicking on the “Pay Your Zakat” icon. Alternatively you could make checks payable to Islamic foundation and drop it in the donation box marked “Zakat Fund” at Islamic Foundation lobby or mail it to the Islamic Foundation address (300 W. High Ridge Road, Villa Park, IL 60181)