What is the standard rate of Zakat on savings and wealth?
A
2.5%
B
2%
C
5%
D
10%
Correct Answer: Option A — 2.5%
Explanation:
Zakat is levied at the rate of 2.5% annually on wealth and savings that have remained above the Nisab threshold for a full lunar year, as pr...
Zakat is levied at the rate of 2.5% annually on wealth and savings that have remained above the Nisab threshold for a full lunar year, as prescribed in Islamic law.