According to the Hanafi madhab, Zakat needs to be compensated by Muslim adults that are emotionally sane and in possession of the quantity of riches [internet assets] over the Nisab.
The term nisab signifies that the minimum quantity of land or wealth/resources that have to be possessed by a Muslim earlier s/he is qualified to begin paying Zakat.
You become eligible to pay Zakat daily that your riches strikes the Nisab threshold. The Zakat is calculated and paid to the prosperity of a person following a complete lunar / Islamic calendar year. A lunar year is approximately 354 days long.
Example How Much Zakat Should Be Paid: Abdullah has just begun working and is compensated $1,000 after a month. He has no limitations, and his prosperity is the complete $1,000. The Nisab threshold at the time is $190. Thus, Abdullah becomes obliged to pay Zakat because his new riches is over the Nisab threshold.
Following 354 times — a whole lunar year — it is time for Abdullah to reassess his position and find out just how much prosperity/web assets he’s over and over the Nisab threshold.
Abdullah ends up that he’s stored $10,000 and contains immediate/short-term debts of $2,000.
Thus, Abdullah will have to cover 2.5percent of the 8,000 as Zakat, that is $200.
Most Muslims cover their Zakat through Ramadan since it’s simple for them to recall when the Zakat is expected.
The correct Islamic procedure, however, would be to compute and pay the Zakat one lunar / Muslim year by the day that your riches surpassed the Nisab threshold.