“Alms (zakat) are for the poor and the needy, and those employed to administer the (funds); for those whose hearts have been (recently) reconciled (to Truth); for those in bondage and in debt; in the cause of Allah; and for the wayfarer: (thus is it) ordained by Allah, and Allah is full of knowledge and wisdom.” [Quran, 9:60]
Zakat al-mal relates to the saved money. Zakat al-mal is to be paid when the savings reach nisab (prescribed value), which is estimated to be 3,380 CND. The zakat amount is 2.5% (per cent) of one’s savings. Zakat al-mal can be paid at any time of the year as long as the nisab remains in one’s possession for a full lunar year.
Zakat al-fitr is paid by the head of the household on behalf of the family members who witnesses part of the month of Ramadan and part of the month of Shawwal. Zakat al-fitr is due on or before the night of Eid al-fitr. It is to be paid by the person who has excess of one day worth of food for themselves and their families. The amount of zakat al-fitr is estimated to be 10 CND per person.
Who is he that will loan to Allah a beautiful loan which Allah will double unto his credit and multiply it many times (Quran, 2:245)