Zakaat is payable on all Zakaatable assets to the value of nisaab or more at the end of one’s Zakaatable year. Zakaatable assets are generally gold, silver, cash, dividends, debtors and trading stock. The Zakaatable year is the lunar year after the day one acquired possession of Zakaatable assets to the value of Nisaab. Creditors are subtracted from the sum of Zakaatable assets and 2.5% of these are paid as Zakaat.
For example, A person owns Zakaatable assets to the value of Nisaab on the first day of Ramadhaan 1432. If on the first of Ramadhaan 1433 he still owns zakaatable assets to the value of Nisaab then 2.5% of the total Zakaatable assets on hand on the first of Ramadhaan 1433 is liable for Zakaat irrespective of the fluctuation during the year. If, however, the amount during the year reached zero then a new year will start after one owns Zakaatable assets to the value of Nisaab again.
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