Zakat is one of the "five pillars" of Islam.
Zakat is payable on 2.5 percent of the wealth one holds above the
"nisab." Nisab, which is equal to the value of three ounces of gold, is
the amount of wealth one must have before being liable to pay zakat. As
of 01/19/2017 10:42:49 AM, nisab is estimated to be $3540.23 [Source www.e-nisab.com]. (This figure may change daily depending on fluctuations in the gold exchange rate.)
Zakat is owed on gold, silver, cash, savings, investments, rental
income, business merchandise and profits, shares, securities, and bonds.
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