Types of wealth on which Zakaat is Farz

TYPES OF WEALTH ON WHICH ZAKAAT IS FARZ ARE:

  1. Zakaat is Farz on gold and silver, be it in the form of bullion, jewellery, cash, bank notes, utensils or any other form. The value of these should be equal to the amount which is shown under Nisaab rate.
  2. If the gold possessed is not equal to the value of 87.48 grams, or silver possessed is not equal to the value of 612.36 grams, but the value of both combined is equal to the value of either the Nisaab of gold or silver, then Zakaat will be Farz.
  3. In the event of an article not being of pure gold or pure silver, but containing a mixture of other metals and gold or silver, but is regarded as gold or silver then Zakaat on this will be Farz. But in the case where the metal is of greater quantity than either the gold or silver, Zakaat will not be Farz on that article.
  4. If a person has 620 grams of silver (which is more than the Nisaab) and before a whole year has elapsed he acquires 50 grams of gold (which is less than the Nisaab), then the value of this gold must be added to the value of the silver, and thereafter the Nisaab reckoned. The two must not be reckoned separately, as this will be a cause of avoiding Zakaat.
  5. Zakaat is Farz on merchandise for business, equal to the value of Nisaab.
  6. Zakaat is Farz on livestock.
  7. Zakaat is Farz on the income of properties if it is equal to the value of Nisaab.
  8. Zakaat is Farz on the income derived from a hiring business, such as crockery, motor cars, vans, trucks etc.