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Zakaat is a monetary devotion and an Ibaadat that has been ordained in the Shariats of all the Ambiya. Zakaat is one of the five pillars of Islam.

'The persons on whom Allah has bestowed wealth, and he does not give Zakaat, on the Day of Qiyaamah, his wealth will be turned into a venomous bald serpent which will wind around his neck and bite his jaws and say, "I am your wealth, I am your treasure."' (Bukhari)

'And there are those who hoard gold and silver and do not spend it in the way of Allah, announce to them a most grievous penalty (when) on the Day of Qiyaamah heat will be produced out of that wealth in the fire of Jahannam, then with ii they will be branded on their foreheads and their flanks and backs. (It will be said to them) This is the treasure which you hoarded for yourselves, taste then the treasure that you had been hoarding.' (Surah Taubah: 34)