Zakat is a form of almsgiving and is considered a religious obligation in Islam, ranking next after prayer in importance. It is one of the Five Pillars of Islam and is a mandatory charitable contribution, often considered to be a tax. Muslims who meet the necessary criteria of wealth are required to give 2.5% of their liquid assets away to charity each year. Zakat is given to the poor, travelers in need (such as refugees), and other specifically designated groups of people. Zakat is not charity or a tax, but rather a compulsory payment expected from every Muslim individual. It is paid on the net balance after a Muslim has spent on basic necessities, family expenses, due credits, donations, and taxes. Zakat is expected to be paid on a regular basis, and it is given to "cleanse" ones money and possessions from excessive desire for them or greed. Muslims believe that those who give zakat can expect reward from God in the afterlife, while neglecting to give zakat can result in damnation. Zakat can be paid at any time during the lunar year, but it is most typically given during the time of the Hajj pilgrimage and during the month of Ramadan. Zakat contributions can be made to specific organizations designated for zakat, and the aid must be used within one lunar year of when it was given. The eight groups of people recognized who may receive zakat aid include the poor, the indigent, those administering zakats collection and distribution, those whose hearts are to be reconciled, those in bondage, the debt-ridden, those in the cause of God, and travelers in need.