What is Zakah?
Zakah, or almsgiving, is one of the five pillars of Islam, along with prayer, fasting, pilgrimage (Hajj) and belief in Allah (SWT) and His Messenger Prophet Muhammad (SAW).
For every sane, adult Muslim who owns wealth over a certain amount – known as the Nisab – he or she must pay 2.5% of that wealth as Zakah "...and those in whose wealth there is a recognised right, for the needy and deprived" (Qur'an 70:24-5).
Who has to pay Zakah?
You must pay Zakah if, firstly, you are an adult Muslim of sound mind, and secondly, you have possessed the minimum amount of wealth (known as Nisab) for one lunar year.
Nisab must be maintained for one lunar year for Zakah to be required and must be paid as soon as it is due. Your Zakah year therefore starts on the date your wealth first equalled or exceeded the Nisab and should be calculated on that date for each subsequent year.
What is Nisab?
The Nisab is the minimum amount of wealth a Muslim must possess before they become eligible to pay Zakah. This amount is often referred to as the Nisab threshold. Gold and silver are the two values used to calculate the Nisab threshold. The Nisab is the value of 87.48 grams of gold or 612.36 grams of silver. You can find the current values at a jewellery store.
Keep in mind that in addition to cash, Zakah is also owed on gold, silver, investments, rent income, business merchandise and profits, shares, and bonds. Any of these must be taken into account when determining the Zakah amount. The value of gold and silver changes daily, so your Zakah payment will vary a little each year.
How to calculate Zakah?
We know that calculating your Zakat can be a daunting task if you don't know how to go about the process correctly. There are so many variables to consider so we've devised a simple Zakat calculator named QASMIYAH ZAKAT CALCULATOR to help you calculate what you're due to pay. You can use our QASMIYAH ZAKAT CALCULATOR to work out this year's Zakat.
.jpeg)
.jpeg)
.jpeg)
.jpeg)
