*Nisab: The minimum value of wealth one must hold for Zakah to becomeapplicable. It is defined as 87.48g of pure gold or its equivalent value in moneyand applies not only to gold but to all types of wealth on which Zakah is payable.Some of the types of wealth on which Zakah is due are:(i)gold and silver(ii)cash held at home or in bank accounts(iii)stocks and shares(iv)money lent to others(v)business stock in trade The zakat year begins on the date on which you were first in possessions of wealth above the nisab. This will be your seed date, whenever it comes aroundyou will have to calculate zakat, irrespective of any fluctuations in the amount of wealth in your possession. The only situation in which your seed date will change
Posted on: Fri, 12 Jul 2013 02:37:58 +0000
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