Offering Zakat is a reminder to not be greedy and free our minds from the fascination of materialistic things, it is a way to eliminate the line between the poor and rich and help to provide support for those in requirement. By providing Zakat, we are taught that wealth is not whatever which it is Allah (SWT) who provided us wealth and it is He who can take it away.
Everything in Islam is fair masha’Allah and Zakat is no different. Certain liabilities/allowances can be subtracted from your Zakatable assets before determining just how much Zakat you owe. Some debts need to be included into your Zakat estimation, others do not need to be. Debts and liabilities when computing Zakat are really crucial factors that should be taken into consideration. If your net wealth is greater than or equivalent to the Nisab value then you.If your net wealth is below the Nisab value, then you do not owe any Zakat.
For every able person who meets the minimum requirement, referred to as the Nisab limit, they should give 2.5% of their wealth to non-profit organisation before completion of the Lunar year. Your Zakat is computed according to the wealth in your possession including gold and silver and any financial investments, loans or debts minus your monthly duties.