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Almsgiving

Zakat (Arabic: زكاة, zakāh), also spelled Zakāt or Zakah, is a type of almsgiving characterized by the giving of a fixed portion (2.5% annually) of accumulated wealth by those who can afford it to help the poor or needy, such as for freeing captives, those in debt, or for (stranded) travellers, and for those employed to collect zakat. It acts as a form of welfare in Muslim societies. It is considered a religious obligation that the well-off owe the needy because their wealth is seen as a trust from God's bounty, and is seen as a purification of one's excess wealth. The total annual value contributed due to zakat is 15 times greater than global humanitarian aid donations, using conservative estimates. Sadaqah, as opposed to Zakat, is a much-encouraged optional charity. A waqf is a perpetual charitable trust, which finances hospitals and schools in Muslim societies.