How does one calculate the zakat for shares?
If the shareholder only owns one type of shares, Zakat on Shares is calculated by taking 2.5% of the market value of the shares when Haul and Nisab are reached. If the shareholder owns more than one type of shares, the calculation and payment of the Zakat on Shares is done at the end of the Financial Year (ie. 31 Dec) by taking 2.5% of the market values of all the shares at the end of the year.
Related questions
I have a combination of savings, shares and insurance. Do I sum them up all, check if it exceeds the nisab, and if yes, I take the net values then times 2.5%? Or do I do the calculation individually on each asset class?
Which day of the month should I take to calculate my Zakat on Savings? Every end of the month? During payday? Every start of Islamic month?
How do I calculate Zakat on Savings for my multiple accounts? Can I take the lowest amount from each of my account books and take 2.5% as my Zakat on Savings?
To my understanding, there is Zakat for gold but what about Zakat for silver?
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