Apart from one’s ascendants (parents, grandparents and great grandparents etc.) and descendants (children, grandchildren and great grandchildren etc.), it is permissible to give zakat money to other relatives, provided that they are eligible to receive zakat. Hence, if one’s brothers, sisters, maternal/paternal uncles and aunts and their Opinion #1. 1. Intention to buy & sell in the short-term (<1 year): Pay Zakat on 2.5% of total market value of your investment portfolio. 2. Intention to hold long-term: Pay Zakat (2.5%) only on your share of Zakatable assets (cash/equivalents + receivables + inventory) of the companies held + dividends earned. And if one volunteers a good offering [over and above this], it is better for him, [still] (Surat Al-Baqarah, 2:184). A 79¢ voluntary increase for U.S. fasters seems a fair benchmark for an added minimum “good offering” to each day’s fidya payment, bringing it to $10.79 per day or $323.70 for the entire month. Saudi Arabia’s income tax rules are governed by the Income Tax Law (Tax Law), which came into force in 2004. The Tax Law is supplemented by implementing regulations (by-laws). Zakat is governed by the implementing regulations for zakat collection (zakat regulations). The Ministry of Finance issues ministerial resolutions concerning aspects of tax and zakat, Zakat must be paid on gold and silver. An amount of 2.5 percent is required to be paid but there are some conditions that should be met like; ownership of the threshold, full ownership and the turn of a year. Zakat on gold and silver. Zakat is payable on gold and silver, which were the standard currencies for long periods of history, We have broken down the calculation process into zakatable assets (gold, silver, cash, savings, business assets etc.) and deductible liabilities (money you owe, other outgoings due) so you can calculate the zakat you owe easily. The amount of zakat you need to pay will be determined once you have calculated the value of your net assets. .

rules of paying zakat