JAMB - Islamic Religious Knowledge Irk (2013 - No. 24)

Zakat on wealth is based on the value of all of one's possessions.It is customarily 2.5% (or 1/40) of a Muslim's total savings and wealth above a minimum amount known as nisab, but Islamic scholars differ on how much nisab is and other aspects of zakat.According to Islamic doctrine, the collected amount should be paid to the poor and the needy, Zakat collectors, recent converts to Islam, those to be freed from slavery, those in debt, in the cause of Allah and to benefit the stranded traveller.