Is zakat obligatory on money saved for accumulation, or for purchasing a commodity, or for any other reason, and what is its nisab and how is it to be paid?

If the saved money reaches the nisab and a year has passed over it, zakat becomes obligatory on it. The nisab for money is the equivalent of 85 grams of gold or 595 grams of silver. The amount of zakat is a quarter of a tenth (2.5%), and this is calculated by dividing the amount by forty. It is not a condition to pay zakat from the exact saved money; rather, it can be paid from other money owned by the muzakki (the one paying zakat).