Zakat on wealth is based on the value of all of one's possessions.Décobert, C. (1991), Le mendiant et le combattant, L’institution de l’islam, Paris: Éditions du Seuil, pp. 238–240.Medani Ahmed and Sebastian Gianci, Zakat, Encyclopedia of Taxation and Tax Policy, p. 479, quote: "As one of the Islam's five pillars, zakat becomes an obligation due when, over a lunar year, one controls a combination of income and wealth equal to or above Nisaab." It is customarily 2.5% (or ) of a Muslim's total savings and wealth above a minimum amount known as nisab each lunar year, but Islamic scholars differ on how much nisab is and other aspects of zakat. According to Islamic doctrine, the collected amount should be paid to the poor and the needy, Zakat collectors, orphans, widows, those to be freed from slavery, the aged who cannot work to feed themselves, those in debt, in the cause of God and to benefit the stranded traveller.
Zakat on wealth is based on the value of all of one's possessions.Décobert, C. (1991), Le mendiant et le combattant, L’institution de l’i,slam, Paris: Éditions du Seuil, pp. 238–240.Medani Ahmed and Sebastian Gianci, Zakat, Encyclopedia of Taxation and Tax Policy, !p. 479, quote: "As one of the Islam's five pillars, zakat becomes an obligation due when, over a lunar year, one controls a combination of inco!me and wealth equal to or above Nisaab." It is customarily 2.5% (or ) of a Muslim's total savings and wealth above a minimum amount known as nisab each lunar year, but Islamic scholars differ on how much nisab is and other aspects of zakat. According to Islamic doctrine, the collected amount should be paid to the poor and the needy, Zakat collectors, orphans, widows, those to be freed from slavery, the aged who cannot work to feed themselve,s, those in debt, in the cause of God and to benefit the stranded traveller.