Zakat is one of the five pillars of Islam and refers to the amount that is accepted as a measure of wealth (nisab) to be paid by people who own property to those in need. 

Zakat is obligatory for Muslims who have reached puberty. One year should have passed since the person paying the zakat earned the assets and should be more than what is needed to cover a year’s worth of debt and basic needs. 

Nisab is the name given to the minimum measure of wealth set for worship such as Zakat. This measure is 20 miqqal (80.18g) in gold, 5 camels, 30 cattle, 40 in sheep and goats. 

When calculating zakat, the zakat rate is calculated on the remaining property after deducting the current debts. You can calculate your Zakat amount according to the following:

• 1/40 of gold, silver, money, trade goods and sheep and goats,
• 1/30 of cows, buffalo and similar cattle,
• Zakat is given at the rate of 1/10 in agricultural products. If a person waters these crops by spending money then they give Zakat at the rate of 1/20,
• 1/10 of the net income or 1/20 of the gross income of goods such as houses, shops, factories, motor vehicles, and machinery that generate rental income. 

People who are eligible to receive Zakat are specified in the Qur’an. These are the poor and the needy, Zakat officers, those whose hearts will be won over, slaves who will be freed, those in debt, those who are stranded, and for jihad.