sarkeradminThe fifth of the five pillars of Islam is - Zakat is the main financial worship of Islam. The exchange of zakat creates harmony between the rich and the poor in society. Zakat must be paid if there is a fixed amount of wealth.
However, zakat is not obligatory for all types of wealth. Zakat is obligatory only on gold and silver, money, livestock (according to prescribed rules), and business goods. But in this case, the condition is - these resources must be nisab amount.
Zakat is levied on cash, gold, and silver, business goods, livestock, agricultural products, etc. Zakat is not levied on waqf property, government property, daily necessities, houses etc.
In case of agricultural crops, fruits, etc., full one year is not a condition of possession by the owner. When it is derived, zakat (usury) is imposed on it.
One-fortieth of the wealth, that is, two-and-a-half percent, must be paid as zakat. As such, zakat will be obligatory on extra goods. Zakat can also be paid in cash and in kind.
