Zakat is the third Pillar of Islam. It is sometimes translated as alms or poor-due, but actually means purification, growth, and blessing.

Source : Ali-Gomaa.com / 5 Aug 2013

Question:

What is the extent of dealing in the stock exchange market? And what is the manner of paying zakat on shares?

Answer:

1-The stock exchange is but a market for trading securities and commercial
transactions.

Source : BelieversPath.com / 8 Apr 2013

Zakah linguistically means increase, meaning there is more barakah in the wealth.  Also, it is an increase for the poor recipients. It also means purification because it is a means of purification for one’s wealth.

Zakah is mentioned together with Salah in the Quran about 32 times, and it is the third pillar of Islam.  The one who denies Zakah being a pillar of Islam, then by consensus, he is not a Muslim. However, the one who acknowledges Zakah but does not pay it, is a major sinner but still within the fold of Islam according to the majority of scholars, including the 4 madhabs.

Source : Justzakat / 31 Dec 2012

What is Zakat?

Translated from Arabic, the word “zakat” means “to purify”; it is the third pillar of Islam. The obligation is to give 2.5% of one’s wealth to those in need. Zakat is essentially an act of worship through which Muslims can purify their wealth, cleanse their souls and benefit themselves as well as others – it is a symbol of Islamic social justice.

By Abul Ala Maududi / 29 Dec 2012

The idea which has influenced most the climate of philosophical and religious thought is that body and soul are mutually antagonistic, and can develop only at each other’s expense. For the soul, the body is a prison and the activities of daily life are the shackles which keep it in bondage and arrest its growth. This has inevitably led to the universe being divided into the spiritual and the secular.

Charity is not just recommended by Islam, it is required of every financially stable Muslim. Giving charity to those who deserve it is part of Muslim character and one of the five pillars of Islamic practice. Zakat is viewed as "compulsory charity"; it is an obligation for those who have received their wealth from God to respond to those members of the community in need. Devoid of sentiments of universal love, some people know only to hoard wealth and to add to it by lending it out on interest.

By Daliah Merzaban |Huffingtonpost| 29 Jan 2012

Over the past couple of weeks my sister was in town and, along with my mom, we spent a good deal of time in shopping malls, taking advantage of discounts during a seasonal sale. Having lost a few pounds in the past couple of months and after starting a new job in December, I had no qualms about treating myself to some new clothes, shoes and accessories. Like many women, I find buying new items quite gratifying.