Rules of Zakat
- Zakat is compulsory if:
- one possesses more than 85 grams of gold or 595 grams of silver or cash equivalent to that (the market price of silver is at present tk. 18,000) after fulfilling the yearly expenditure.
- if the separate or collective value of gold, or silver ornaments, gems, savings, company shares, foreign currencies, saving certificates, fixed deposits etc is over taka 18 thousand.
- the value of business products; animals reared for business, lands or house rents is above the same amount
- if the amount of agricultural products is more than 1,100 kilos, one-tenth of naturally produced crops and one-twentieth of crops produced with irrigated water should be given as Zakat.
- Zakat is to be given at the rate of 2.5% (2.5 taka per hundred) on all saved up money, gold, silver ornaments etc.
- Zakat is to be paid after minute calculation with proper niyat (intention). If given without intention or calculation, it will be sadka, not zakat.