For a common person (one who is not involved in livestock or agriculture) all that needs to be taken into account for Zakah calculation is the following:
The amount of cash owned (be it on person, in the bank, or loaned out. This can be money earned or income from additional house, properties etc.) as well as the value of any gold or silver jewelry owned, (necklaces, watches, etc. but not the gems or stones within them), and also, if one is involved in trade, then the value of one’s stock/merchandise at that time constitutes one’s accountable total. Read more... (815 words, estimated 3:16 mins reading time)
Allah Ta’ala has put the most minimum burden of monetary obligations on Muslims so that paying Zakah becomes convenient for every sahib-un-nisaab Muslim.
Firstly, it is not obligatory to pay Zakah on every asset. Rather only those assets are the subject matter of Zakah that have the potential of growth or increase. These assets may be broadly classified as follows:
1- Trading assets.
2- Cash & Cash Equivalent (like prize bonds, Travelers Checks etc)
3- Gold and silver
4- Livestock (goats, sheep, cows and camels)
5- Agricultural output. Read more... (642 words, estimated 2:34 mins reading time)
اللَّهُ الَّذِي خَلَقَ السَّمَوَاتِ وَالأَرْضَ وَأَنزَلَ مِنْ السَّمَاءِ مَاءً فَأَخْرَجَ بِهِ مِنْ الثَّمَرَاتِ رِزْقاً لَكُمْ وَسَخَّرَ لَكُمْ الْفُلْكَ لِتَجْرِيَ فِي الْبَحْرِ بِأَمْرِهِ وَسَخَّرَ لَكُمْ الأَنهَارَ
وَسَخَّرَ لَكُمْ الشَّمْسَ وَالْقَمَرَ دَائِبَيْنِ وَسَخَّرَ لَكُمْ اللَّيْلَ وَالنَّهَارَ
وَآتَاكُمْ مِنْ كُلِّ مَا سَأَلْتُمُوهُ وَإِنْ تَعُدُّوا نِعْمَةَ اللَّهِ لا تُحْصُوهَا إِنَّ الإِنسَانَ لَظَلُومٌ كَفَّارٌ
Allah is the One who created the heavens and the earth and sent down water from the sky, then brought forth with it sustenance for you from the produce, and subjugated for you the ships, so that they may sail in the sea with His command, and subjugated for you the rivers; Read more... (203 words, estimated 49 secs reading time)