Editing Zakat (section)

===Amount===
{{main|Calculation of Zakāt}}
The amount of zakat to be paid by an individual depends on the amount of money 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. However, it clearly indicates to donate the "surplus" of one's income. But the customary practice in the Islamic world has been that the amount of zakat paid on [[Financial capital|capital assets]] (e.g. money) is 2.5% ({{frac|40}}).<ref name=AhmedGianci>Medani Ahmed and Sebastian Gianci, "''Zakat''", ''Encyclopedia of Taxation and Tax Policy'', pp. 479–481</ref> Zakat is additionally payable on [[Agriculture|agricultural]] goods, [[precious metal]]s, [[mineral]]s, and [[livestock]] at a rate varying between 2.5% and 20% (1/5), depending on the type of goods.<ref>{{cite book |author= Kuran, Timur |chapter= The Economic Impact of Islamic Fundamentalism |editor1= Marty |editor2= Martin E. |editor3= Appleby, R. Scott |title= Fundamentalisms and the state: remaking polities, economies, and militance |publisher= University of Chicago Press |year= 1996 |isbn= 978-0-226-50884-9 |page= [https://archive.org/details/fundamentalismss00mart/page/318 318] |chapter-url= https://books.google.com/books?id=doCmVaOnh_wC&pg=PA318 |url= https://archive.org/details/fundamentalismss00mart/page/318 }}</ref><ref>{{cite book|author=Kuran, Timur|title=Islam and Mammon: The Economic Predicaments of Islamism|publisher=Princeton University Press|year=2010|isbn=978-1-4008-3735-9|page=19|url=https://books.google.com/books?id=VkIJGPNzVIIC&pg=PA19}}</ref>

Zakat is usually payable on assets continuously owned over one lunar year that are in excess of the ''nisab'', a minimum monetary value.<ref>Scott, J. C. (1987), "Resistance without protest and without organization: peasant opposition to the Islamic Zakat and the Christian Tithe", ''Comparative studies in society and history'', 29(03), 417–452</ref> However, Islamic scholars have disagreed on this issue. For example, [[Abu Hanifa]] did not regard the nisab limit to be a pre-requisite for zakat, in the case of land crops, fruits and minerals.<ref>Yusuf al-Qaradawi (1999), Monzer Kahf (transl.), Fiqh az-Zakat, Dar al Taqwa, London, [http://monzer.kahf.com/books/english/fiqhalzakah_vol1.pdf Volume 1] and [http://monzer.kahf.com/books/english/fiqhalzakah_vol2.pdf Volume 2]</ref> Other differences between Islamic scholars on zakat and nisab are acknowledged as follows by Yusuf al-Qaradawi,<ref name=yaqaradawi/>

<blockquote>Unlike prayers, we observe that even the ratio, the exemption, the kinds of wealth that are zakatable are subject to differences among scholars. Such differences have serious implications for Muslims at large when it comes to their application of the Islamic obligation of zakat. For example, some scholars consider the wealth of children and insane individuals zakatable, others don't. Some scholars consider all agricultural products zakatable, others restrict zakat to specific kinds only. Some consider debts zakatable, others don't. Similar differences exist for business assets and women's jewelry. Some require certain minimum (nisab) for zakatability, some don't. etc. The same kind of differences also exist about the disbursement of zakat.<br>&nbsp;– Shiekh Mahmud Shaltut<ref name="yaqaradawi">Yusuf al-Qaradawi (1999), Monzer Kahf (transl.) King Abdulaziz University, Saudi Arabia, [http://monzer.kahf.com/books/english/fiqhalzakah_vol1.pdf Fiqh az-Zakat, Volume 1], Dar al -Taqwa, London, {{ISBN|978-967-5062-766}}, pp. xxi–xxii.</ref></blockquote>