In Arabic, zakat means purification, growth and blessing. It is a charitable practice that requires all able Muslims (those who meet the requirement of zakat as dependent upon nisab and hawl—see below) to contribute a fixed portion of their wealth – 2.5% of savings — to help the needy.
Zakat is not only a means to purify one’s wealth but it is also a spiritual purification which serves as a means to draw an individual closer to God. As one of the scholars said, “the soul of one who gives zakat is blessed and so is his wealth”. It is quite clear from the above narration that in addition to being a moral obligation, Zakat is also a spiritual one which is why millions of Muslims every year give Zakat to the poor.
'In their wealth there is a known share for the beggars and the destitute.’ (70:24-25)