Zakat, UHmMmmmmmmmmmm.What's That?

In reading the Qur'an, I noticed the word Zakat. It kinda stuck out and drew me in as I read it and then said it allowed. Zakat was more than just a cool word, the meaning of it was beyond awesome! According to the Wikipedia, free encyclopedia, it is an Arabic word defined as "that which purifies" or "alms", the giving of a fixed portion of one's wealth to charity, generally the poor and the needy. The Zakat is one of the pillars of Islam. It is mentioned in the Qur'an in over 25 verses. According to the Qur'an, Zakat always redistributes wealth. It increases the act of charity in the economy aimed mainly in the concern for the poor and those that have less. It is believed that if Zakat is not done, damnation will occur in the afterlife. Those, on the other hand, who give Zakat will earn a reward in the afterlife.(Alms giving includes the primordal covenant between God and humankind[Qur'an 2:83]) Zakat is required of all practicing Muslims who have the financial means. Zakat is not collected from non-Muslims unless there is a need for assistance with taxes. This is the word that President Obama used in one of his recent speeches. So if you didn't know what Zakat meant before, you do now. Those receiving Zakat must be in poverty, Zakat collectors, Non-Muslims that are sympathetic to Islam or want to convert to Islam., those who cannot meet there basic needs, Those working in God's way, people in debt, etc....