2007-01-04 08:52:40 · 6 answers · asked by luvsexhappiness 2 in Society & Culture ➔ Religion & Spirituality
- For savings, stocks, mutual funds, gold and jewelry that is kept (not worn), the amount to pay is 2.5% (based on the lunar calendar) on the marked value of the assets.
-Land which is bought as an investment to be sold later for a profit should be appraised annually, and 2.5% (based on the lunar calendar) of the value is paid as zakah.
-If land is bought to build a house on it, zakah is not required on it. But if later the property is rented, then zakah is due.
-Zakah is due on produce such as vegetables, fruits or grains if the nisab is attained, which is 650 kilograms (1,433 pounds). The rate of zakah is 5% (of the crop or its value) if the land is irrigated with a mechanical device or with purchased water, and 10% if the land is watered naturally without the use of artificial means.
-Zakah is payable on livestock, but the nisab (the minimum number of animals) and the amount of payment varies according to the type of animal.
-Zakah is due on metals/minerals that are mined and buried treasures that are found at the rate of 20% (one-fifth) of the value, payable when they are mined or found.
-There are two opinions on whether or not zakah is due on pearls, coral, and other wealth from the sea after the nisab (minimum zakatable amount) is reached.
-If one has a factory or business, zakah is paid on the raw materials, goods in process, and stock for trade. Zakah is not paid on the land, buildings, or machinery and other fixed assets. If one has a service business, zakah is paid on the annual profits.
2007-01-04 09:01:12 · answer #1 · answered by Moon 2 · 0⤊ 0⤋
If you have an asset which is equivalent to 87.5 grams of current value of Gold or 600 grams of Silver then you are considered as eligible to pay Zakat. In this case you will have to pay 2.5% on your annual savings once in a year.
Here is a link that provides a simple Zakat Calculator
http://www.islamicity.com/mosque/zakat/Zakat_calculator.shtml
2007-01-04 17:02:17 · answer #2 · answered by khatib 3 · 0⤊ 0⤋
Zakat is $6.00 For two you pay only $10.00
2007-01-04 16:56:02 · answer #3 · answered by Sweet Willy 3 · 0⤊ 1⤋
We should give 2.5% of our annual income to Charity.
If you make 50K
then $1250 a year
2007-01-04 17:05:11 · answer #4 · answered by onewhosubmits 6 · 0⤊ 0⤋
It is a percentage decided by a fiqh council of the money you have saved for one whole year. If you are too poor to save any money for a year, you are not required to pay it.
2007-01-04 16:55:08 · answer #5 · answered by allahsservant 2 · 0⤊ 1⤋
2.5% of your money
2007-01-04 16:56:49 · answer #6 · answered by q8abat 3 · 0⤊ 0⤋