Zakat

Zakat is the giving of alms out of one's own private means at a minimum fixed rate of 2.5% per annum. This money is given in the name of God and is to be spent on worthy religious causes and on meeting the needs of other Muslims who are poor or helpless. 

Zakat is an annual reminder to man that everything he possesses belongs to God, and that nothing should, therefore, be withheld from Him. It gives a clear indication that everyone is required to recognize the rights of others, just as everyone is expected to sympathize with those afflicted by adversity. This feeling gets so well developed that a Muslim should not hesitate about sharing his or her possessions with others, or coming to their assistance, even when it is clear that nothing can be expected in return and there might be no ties of friendship or kinship.