How much do we pay for the zakat?
In Arabic, zakat means purification, growth and blessing. It is a charitable practice that requires all able Muslims (those who meet the requirement of zakat as dependent upon nisab and hawl) to contribute a fixed portion of their wealth – 2.5% of savings — to help the needy. The zakat corresponds to 2.5% of the total assets remaining at the end of a year after deducting all necessary living expenses. In addition to cash, assets subject to payment are real estate, property such as jewelry and precious metals and livestock. The so-called Nisâb limit is determined for each of these values. If the assets remain below this limit, they are not taxed.