Explanation

The standard rate of Zakat on silver, gold, and currency is 2.5% (or 2 ½ %) of the total wealth if it meets the Nisab threshold..

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If you have 7.5 tola/3 ounces/87.48 grams of gold or

52.5 tota/21 ounces/612.36 grams of silver or

its cash equivalent for a full lunar year,

then you are considered Sahib-e-Nisab and should pay Zakat 2.5%

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Zakat become obligatory in 2 AH

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Zakat money can be spent on Poor Muslims

List of Head of Zakat

1. Al-Fuqara (The poor)

2. Al-Masakin (The needy)

3. Zakat collectors

4. Who converted to Islam

5. Freeing captives

6. Debtors

7. In the path of Allah

8. Wayfarer (Traveler)