The concept of Zakat in Islam: Practical lessons from 2023 Zakat al-Fitr
There are two types of Zakat. The first type is Zakat in wealth, which is a mandatory annual payment from qualifying adult Muslims whose wealth exceeds the Nisab value (thus, the minimum amount of wealth a Muslim must have before being obliged to pay Zakat) for one Islamic (lunar) year.
Source: myjoyonline.com