Zakat is one the pillars of Islam that requires Muslims to pay a certain percentage of their wealth every year to the poor and needy people. But how would you know what amount is due on your wealth? The mechanism is really simple. We’ll be discussing the concept of Zakah along with the provision of Zakat calculator to help you automate the process of calculation.
What is Zakat?
For the people who are looking for Zakat definition, it is the obligatory in Islam in which you need to pay 2.5% of your accumulated wealth every year to the needy people in the society. It can be treated as a tax but it does not have to be paid on your yearly income only; rather your accumulated wealth has to be considered when making the calculations for the payment. Please note that the Zakat percentage is 2.5%. So, make sure you calculate it rightly.
In Quran, giving Zakah has been highly emphasized. At several occasions, punishments for the non-givers of Zakat have been mentioned, which highlights the importance that Islam gives to this pillar of Islam.
Purpose of Zakah:
Zakat is obligatory in Islam as it helps Muslims in purifying their wealth and souls. After deducting a certain percentage of money every year from your income, you don’t feel self-obsessed with money rather consider it a utility only, and not surround the entire life around it.
Additionally, it provides a complete mechanism that ensures that the wealth does not remain in a few hands and everyone gets some percentage of money to keep their business as usual going. Thus, the creation of a healthy and prosperous society.
What to pay Zakat on?
Gold, silver, cash/bank, and tradable assets come under the pool for Zakat deduction. For all of these assets, there is a specific threshold in Islam. If your wealth in any of these aforementioned forms increases the threshold level, it becomes obligatory for you to pay Zakat. This obligatory ritual in Islam is Zakat Al Mal. So, there is no point of question and you have to make these payments to the needy to be a good muslim.
Common terms used under Zakat Al Mal:
Here are some of the common terms that we find when discussing the concept of Zakat.
It is the minimum threshold that a person must possess to be considered eligible for the payment of Zakat. It actually means that people who don’t have enough money or assets aren’t obligated to pay Zakat.
This is the word that has been used for the people who are eligible to receive Zakat. It is advised to find such individuals after putting in special effort rather than giving the Zakat money to anyone.
Who deserves to be paid?
The mentioning of Zakah in Quran highlights the importance that this pillar has in the faith. There is a complete list of the people who deserves the amount of Zakat. The following Quranic verse reveals the different groups of people to whom Zakah can be paid:
“The alms are only for the poor or needy; and the destitute; and those employed to collect Zakat; and to attract the hearts of those who have been inclined towards Islam; and to free the captives; and for those in debt; and for Allah’s Cause; and for the wayfarer, a traveler who is cut off from everything; a duty imposed by Allah. And Allah is All-Knower, All-Wise.“[Al-Quran 9:60]
Nisab of Zakat on different assets:
Here is the nisaab of Zakat:
- Gold = 3 ounces of gold
- Silver = 21 ounces of silver
- Camels = 5 Camels
- Cattle = 30 cattle
- Sheep = 40 sheep
With these details, it should be clear that people who don’t have 3 ounces of gold, don’t have to pay anything. But the gold Zakat calculator suggests that the people who have more than 3 ounces of gold have to pay Zakat on all the gold that they possess at the rate of 2.5 per cent. This is not the case for the Zakat on gold only rather all the other types of assets require the same mechanism for calculation.
If you are concerned that how would you calculate your Zakat for this year, then we have a solution for you. You don’t have to go through any sort of hectic calculations. Here we are providing you with a Zakat Calculator to make the process of calculation of “my zakat” easy for you.
We believe that your question of “finding my zakat for the year” won’t be an issue, especially after the automatic Zakat Calculator for the year 2020 available with you. So, all you need to do is insert the amount of money on which you need to calculate the Zakat and the result would be the final amount that you’ll have to pay. Isn’t it easy? So, just try it now and make your religious financial obligation easier.
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