Thanks for taking the time to visit the Oldham Central Masjid and Islamic Centre Zakat fund page.
Zakat is one of the five pillars of Islam, and is expected to be paid by all practicing Muslims who have the financial means (nisab). In addition to their zakat obligations, Muslims are encouraged to make voluntary contributions (sadaqat). The amount of Zakat to be paid by an individual depends on the amount of wealth and the type of assets the individual possesses. The Quran does not provide specific guidelines on which types of wealth are taxable under the zakat, nor does it specify percentages to be given. But the customary practice is that the amount of zakat paid on capital assets (e.g. money) is 2.5% (1/40). Zakat is additionally payable on agricultural goods, precious metals, minerals, and livestock at a rate varying between 2.5 (1/40) and 20 percent, depending on the type of goods.
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