What is the third pillar of Islam?

Assalamualaikum friends,how are you.Welcome to my new blog today I'm told you about islamic third pillar.You know that in Islamic religion there were 5 pillars.

The third pillar is "zakat".

1.Zakat ordain or prescribes payment of fixed proportions for the welfare of the overall community and in particular for its neediest members.

2.Zakat doesn't refer to charitable gifts given out of kindness or magnanimity,but to the systematic giving if 2.5% of ones wealth each to benefit the poor and needy people.

3.Zakat means "to purify" owns wealth by helping poor people.

4.Zakat benefits the giver as well as receivers.