How many percent zakat

A common misconception is that Zakat is a form of tax. However, it is a spiritual obligation in which we will be accountable to Allah directly.

Zakat plays a key role in supporting the poorest in the community, through providing them with essential aid as well as helping them come out of a life of poverty. You must pay Zakat 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 Zakat to be required and must be paid as soon as it is due. Your Zakat 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.

Our Prophet Muhammed saw has set Nisab at the rate equivalent to Today, this is usually the equivalent value in your local currency. In the Hanafi madhab, the value of silver is used to determine the Nisab eligibility to pay Zakat. In other madhabs, the value of gold is used. The value of gold and silver changes daily, so your Zakat payment will vary a little each year. You can use our Zakat calculator to work out this year's Zakat. Zakat should be paid on wealth rather than income.

Zakat is not just paid on the savings in your bank account. You need to pay Zakat on other types of wealth, such as:. If the maturity date is paid, this debt is called good debt. You may donate to Qatar Charity other projects. Ar En. Toggle navigation. Zakat Calculator Money.

Quick calculator Detailed calculator. The percentage of Zakat according to the selected year is. We hope this blog has given you the confidence and tools for how to calculate your Zakat! Wajiha Suboor works in the marketing department for Islamic Relief Canada. She's a passionate writer and consumer of stories in all forms. Just for You. By Wajiha Suboor May 6, 14 mins read. What is Zakat? What is Nisab? How do I know how much it is? How is Zakat used? Who receives your Zakat?

How do I know if I need to pay Zakat? How do I actually calculate Zakat? Additional resources on Zakat. Gold The Nisab by the gold standard is 3 ounces of gold Silver The Nisab by the silver standard is 21 ounces of silver Total up all your sources of income: Tally up all the assets that you have owned for the past year.

Related Posts. She owes no zakat. She will be liable for zakat after the money has been in her possession for a lunar year. Should I use the gold or silver nisab? The nisab calculated with the silver standard is significantly lower than its gold counterpart. This is because the value of silver has plummeted since the time of the Prophet peace be upon him. There are arguments for using either nisab value.