Zakat is one of the five fundamental concepts (also known as the 5 pillars) in Islam. This makes it a compulsory act, and therefore, all Muslims must give Zakat, provided they meet certain conditions. The concept of Zakat is to purify one’s wealth and soul. Calculation of Zakat is based on the total savings of a Muslim during one lunar (Islamic) year. It is important to note that only the beginning and end of the year are taken into account. Muslims must possess a minimum “Zakatable” amount of wealth, both at the beginning and at the end of their Zakat year, for them to pay Zakat. Items like gold, silver, paper currency held in cash or in bank, tradable assets owned by a business, crops, and herded animals, are all taken into consideration when calculating Zakat.