- Jewellery and Precious Metal (Gold & Silver) - Both come under Zakat even if they are used merely for decorative purposes. The reason behind it is simple; they contribute towards Cumulative Wealth and as such their worth must be tabulated (according to Current day) when calculating Zakat.
- Bank Accounts (Cash, Bonds, Stock) - The amount should be in the bank for 1 year.
- Cattle and Crops - Cattle and crops that are in excess of one’s need.
‘Take Alms from their Property that You may Purify and Sanctify them and Pray for them. Verily Your Prayers are a Comfort for them’ [Quran-9:103]
Note: Zakat is usually payable on Assets Continuously Owned over 1 Lunar Year that are in excess of the Nisaab.
- Nisaab on Capital asset (Gold, Silver, Cash, Stocks, Bonds etc.,) = 2.5%
- Nisaab on Agricultural goods & Livestock = between 2.5% and 20%, depending on the type of Goods.
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