Who is eligible for Zakat?
Zakat is the third pillar of Islam, and an obligatory one for those with wealth. Zakat should only be given to the poor in need of the basic requirements of living. There is a minimum 2.5% pay rate on behalf of your savings, investments and on any gold and silver you own, this is an obligation for every year.
The rules of zakat are simple, to have means to share. Whether you have savings, investments, and gold or silver, there is a small percentage to pay and one of your pillars is complete. The one rule is, the person getting the zakat should not be anyone from your own immediate family, including siblings and spouses.