Zakat Questions and Answers
"Of their goods, take zakat, so that you might purify and sanctify them."
Zakat is a levy on the property of the wealthy for distribution to society's poor. The Arabic word "zakat" has connotations of purity, increase and blessing, and paying it purifies, increases and blesses the remainder of one's wealth.
Zakat is 2.5% of all zakatable wealth that has been in your possession for a lunar year. If your wealth amounts to less than a threshold figure, termed the nisab, then no zakat is payable. This threshold limit is 87.48g (3oz) of gold, or its equivalent in cash.
To find out how much this is, open the Online Zakat Calculator which is regularily updated with the latest gold prices.