ZAKAT
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“…and those in whose wealth there is a recognised right, for the needy and deprived"
(Qur’an 70:24-5)
How to calculate Zakat
What is the zakat percentage ? Your zakat donation should amount to 2.5% of your total wealth accumulated over the year. As an example, if your total assets (after any depts owed) amounted to £10,000 ,then you would be required to pay £250 as zakat.
What does the term ‘Hawl’ mean?
In explanations of Zakat, you may hear the term ‘hawl’ – which means a lunar year. Therefore, a hawl (lunar year) is 354 days long.
You should make your zakat payment one hawl (lunar year) after you become eligible to pay Zakat. However, this is only if your wealth on that date is still at – or above – the nisab threshold.
What is Nisab?
Nisab is the minimum amount that a Muslim must have before being obliged to zakat.
The Nisab was set by Prophet Muhammad (SAW) at a rate equivalent to: 87.48 grams of gold and 612.36 grams of silver.
As we no longer use silver or gold as currency, you need to find out the equivalent monetary exchange value of the rates the Prophet Muhammad (SAW) set in your local currency. You can do this by checking the market rate of gold and silver.
The two values used to calculate the Nisab threshold are gold and silver.
Who is Eligible for Zakat?
There are two ways to answer this question - who is eligible to pay Zakat and who is eligible to receive Zakat.
As defined by the Zakat rules, those eligible to pay must be:
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Muslim
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Free
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Of sound mind
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Past the age of puberty
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Have positive cash or goods flow
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Have a total personal wealth higher than the Nisab value
Those eligible to receive assistance from Zakat payments include:
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(Fakir) The poor who have no or low income
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(Miskin) The needy who do not have a day’s food
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(Amil) Those employed to distribute Zakat
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(Riqab) Anyone in slavery or captivity
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(Gharmin) Anyone in unmanageable debt
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(Fisabillillah) Anyone who fights for Allah (SWT)
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(Ibnus Sabil) To assist stranded or struggling travellers
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(Muallaf) Those new to the Muslim faith or friends of the Muslim community
What is Zakat?
Zakat is the annual payment made by Muslims to support those most in need. It is one of the Five Pillars of Islam and is a key part of the Islamic faith. By donating a percentage of your wealth in order to help those less fortunate than yourself, you can please Allah (SWT) while supporting your brothers and sisters across the world.