Islam is the religion of love and ease. It promotes social regulation through members of society by creating harmony, brotherhood, and passion for upholding each other. Islam encourages helping the poor in society thus, introducing Zakat.
If you are one of the blessed ones being chosen by the almighty to create ease for others, do not neglect to pay zakat. Know the amount you have to give away as zakat and purify your wealth. Here you must be confused about how to calculate Zakat. As the amount of Zakat varies from person to person. Let us help you with the complete procedure of calculating the amount you need to pay (nisab).
Follow the article till the end to know the complete procedure and to avoid inconvenience for you.
‘You shall observe the Salah and give the obligatory charity (Zakat), and bow down with those who bow down.’ (Qur’an 2:43)
Ibn Umar narrated, ‘Whoever earns any money, he is not liable to pay zakat until the period of a year has passed (while still possessing the same amount of money).’ [Tirmidhi]
Assets That Are Zakatable
Before calculating Zakat it is necessary to categorize assets. As zakat is due not only to money but to assets as well. Zakat is due on the following assets:
|4||Money Invested In Trade||
|5||Stocks and Investments||
|9||Money In Banks||
Nisab ___ How To Calculate Nisab?
Nisab is regarded as having a specific financial threshold. It is defined as the bare minimum of wealth a Muslim must possess to be subject to the zakat obligation.
Every year, the nisab value fluctuates. The local Islamic council decides what it should be based on the average cost of 85g of gold over the previous year. Zakat, which is 2.5% of the total worth of the wealth in a Muslim's possession for more than one lunar calendar year, is required of those whose wealth or net assets surpass this amount.
How To Calculate Zakat?
Sometimes the concern of how to calculate Zakat actually scares people. Though it is not as difficult as we think. Follow simple steps and calculate your Zakat amount immediately:
Sum Up Your Sources Of Income
Total up all the assets you have owned for last year. It must include all assets mentioned above.
Sum Up All Your Living Expenses
It will include all you use for your expenses.
Find Zakatable Wealth
Now subtract all your living expenses from your net income.
Compare The Amount With Nisab Threshold
Determine the current cash value of your Nisab threshold, regardless of whether you chose to use the gold or silver value for Nisab. If your Zakatable Wealth exceeds the Nisab standard, go further.
Calculate Your Zakat Amount
Simply multiply your Zakatable Wealth by 2.5% and get to know the total amount you have to pay for this year.
Calculate Your Zakat With Zakat Calculator ____ Go For Convenience!
To make the calculation simpler and faster Use the Zakat calculator. It helps you determine how much amount your need to pay with precision and accuracy.
Calculate your due Zakat and pay it to the deserving and needy. Remember that your small step can change someone’s life.