Is Zakat (obligatory charity) incumbent upon wealth?

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Zakat is obligatory based on the Book (Quran), the Sunnah (Prophetic tradition), and scholarly consensus (Ijma). The obligation is established by the Quranic warning to those who hoard gold and silver and do not spend them in the way of Allah, indicating that severe punishment is reserved for neglecting an obligation (Quran 23:34). The Sunnah confirms this through the narration of Abu Hurayrah, where the Prophet (PBUH) described severe torment in the Hereafter for those who fail to pay the due right of their gold and silver. Furthermore, a narration from Anas, related by Al-Bukhari, specifies that for silver (Riqah), the due amount is one-quarter of a tenth (2.5%), stating that if one possesses less than 190 Dirhams, no Zakat is due unless the Lord wills otherwise. The Prophet (PBUH) also stated, "There is no charity on less than five Ounces [Awaq]" (Muttafaqun Alayh).