Sheikh al-Sharîf Hamzah al-Fa`r, professor at Umm al-Qurâ University
Zakâh is obligated on livestock (camels, cattle, and sheep), certain land produce, currencies (gold, silver, monetary instruments) and commercial inventory.
The Prophet (peace be upon him) said that on the Day of Resurrection: “…camels will come to their owner in the best state of health they have ever had (in the world), and if he had not paid their Zakâh (in the world) then they would tread him with their feet; and similarly, sheep will come to their owner in the best state of health they have ever had in the world, and if he had not paid their Zakâh, then they would tread him with their hooves and would butt him with their horns.” [Sahîh al-Bukhârî]
The Prophet (peace be upon him) said: “In what is supported by rainwater or spring water or irrigated without human effort, then 1/10 of the produce is due upon it. That which must be irrigated has 1/20 of the produce levied upon it.” [Sahîh al-Bukhârî]
With respect to money, the Muslim is requested to give Zakât ( Charity) if the amount he possesses reaches the amount assigned by Islamic law (nisâb), which is 85 grams of pure gold (24 carats), or 595 grams of pure silver, or the equivalent in gold, silver, or other monies.
It was related by `Alî that the Prophet (peace be upon him) said: “If you have 200 dirham and a year passes then you have to pay five dirhams. You do not have to pay anything for the gold you possess until it reaches twenty dinars. If you possess twenty dinars and a year passes, then you have to pay half a dinar.” [Sunan Abî Dâwûd and authenticated by al-Albânî in Sahîh al-Sunan]
When the amount you are keeping reaches the nisâb, you still do not have to pay Zakâh for it unless it remains under your possession for one full year starting from the date of acquisition, provided you have no debt that equals or surpasses the amount or brings it below the nisâb.
The Zakâh to be paid on this wealth is 2.5% annually.
Source: Islam Today