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Charity in its most general sense and literally means spending out of the wealth that Allah SWT has given.
Muslims are obliged to donate certain portion of their annual earnings (2.5%) in the name of Allah SWT so that the needy and the sick can have a brighter future.
Zakah is also payable on business interests as well as personal wealth. The amount of zakah payable on a business will depend on the type of business, the nature of the goods sold, profitability, stock levels and other factors.
Giving and taking interest are both decisively impermissible in Islam. Similarly, it is impermissible to consume unlawfully earned money. Cleanse your income received from interest.
It is a sunnah of the Prophet Muhammad (peace and blessings be upon him) that when a baby is born the parents should perform aqeeqah for the child by slaughtering two goats or sheep for a boy and one sheep or goat for a girl.
Qurban or Ad-hiya, is a food drive that doubles as an annual islamic obligation upon all muslims who are able for Eid Al-Adha.
A special charity performed in the month of Ramadan. Even its name comes from the fact that it must be paid before the Eid-ul-Fitr prayer marking the end of the holy month. It is incumbent upon every (capable) Muslim, male and female. The head of the family must pay on behalf of his/herself and on behalf of spouses, children and even servants.
Fedyah Defined by scholars as a compensation or expiatory payment for missing fasting days during Ramadan, where one must pay a serving of food to someone poor person, in addition to making up the missed fasts. Kaffarah A fast broken deliberately requires a person to either fast 60 consecutive days or feed 60 people. An oath which was made and broken requires a person to fast 3 consecutive days or feed 10 people.
A WAQF also spelled Wakf formally known as Wakf-alal-aulad is an inalienable religious endowment in Islamic law, typically denoting a building or plot of land for Muslim religious or charitable purposes. The donated assets are held by a charitable trust. The grant is known as mushrut-ul-khidmat, while a person making such dedication is known as Wakif.