Zakat is a mandatory annual payment that must be made by all eligible Muslims to purify their wealth and give it to those who need it most. It’s a donation that is a high act of worship and a duty Muslims have in order to fulfil one of the five pillars of Islam. The donation aims to give a portion of believers' wealth to the poor who can’t afford the basic necessities in life, protecting these vulnerable people and uplifting them. This cleanses your wealth while providing the needy with the basic necessities they need for a better life, escaping their suffering and hardship.
As Zakat is a yearly donation that is obligatory, it’s something that has to be calculated with care and precision. It can be difficult to accurately calculate your Zakat since it’s a portion of every eligible asset you own, excluding daily necessities and regular bills. Al-Qulub understand this difficulty and has made it easier for you to work out your Zakat with an easy-to-use and quick online Zakat calculator. Use our calculator for an accurate total to fulfil your duty properly and help those in desperate need with vital aid.
Nisab Values
Silver
612.36g equating to £513.22
Gold
87.48g equating to £6,592.87
Who Has to Pay Zakat?
When it comes to who has to pay Zakat, there are certain regulations that state who needs to give the donation. Every Muslim who gains wealth that meets or exceeds the Nisab threshold must give Zakat. The Nisab is the minimum amount of wealth required to make this donation. However, before Zakat is due, this wealth must be held for a full lunar year, so if you lose the wealth during the year, you don’t have to pay Zakat.
When Do You Have to Pay Zakat?
So, when do you have to pay Zakat? There is no set deadline for this mandatory donation, like other forms of charity in Islam. This is because Zakat needs to be paid at different times of the year for every Muslim. It’s based on when you meet or exceed the Nisab and if you’ve held it for the full Islamic year. So, for example, if your wealth meets the Nisab during the month of Rabi al-Awwal, the following year you’ll need to pay Zakat during this month if you still own the wealth. Even though there is no deadline for this donation, it’s important to promptly give it when it reaches the time of year your Zakat is due to ensure that you fulfil your duty and help the needy quickly. You can’t delay your Zakat for a later time of the year to suit your needs, meaning it needs to be given at the same time every year for as long as you hold the required wealth.
Is Zakat al-Fitr Obligatory?
There is also another type of Zakat that has a different purpose and a deadline to give this donation by. This is known as Zakat al-Fitr and is a payment that must be made by all Muslims, including children, meaning that families pay a lump sum to help the needy. The aim of this donation is to provide those who cannot afford to feed themselves with healthy, nutritious food for the joyous occasion of Eid al-Fitr, which occurs after Ramadan. This celebration is a time when Muslims get together with loved ones and the community and celebrate their dedication in the month prior with feasts. But, not every Muslim gets to feel that joy as many living in poverty or facing unimaginable hardship don’t have the resources to even have a simple festive meal. Zakat al-Fitr helps to give them this meal and include them in the celebrations, spreading joy and hope to countless lives.
How to Calculate Your Zakat
It can be difficult to calculate your Zakat accurately because there are many factors that go into this mandatory donation. There are certain Islamic regulations around the type of wealth you must pay Zakat on. This donation is based on personal assets and cash, as well as any property you own that doesn’t contribute to daily living, like a second home you don’t live in. This works the same for vehicles, meaning that any other vehicles that aren’t used daily are eligible to pay Zakat on, since having a second car is seen as a luxury, not a necessity.
Calculate Zakat on Gold
A very popular asset that many Muslims must include in their calculations is gold. To calculate Zakat on gold, you need to find the value of the amount you have when you own 87.48 grams or above. This amount is the Nisab threshold for gold assets that make your possessions Zakatable. You need to have an accurate valuation done by a professional, and you must do this every year you need to pay Zakat. This is because the value of gold varies every year, so you should check the value of all of your gold possessions with an expert closer to the time your Zakat is due.
Calculate Zakat on Silver
For silver assets, the same process for gold assets is needed to accurately calculate your Zakat. Your silver possession needs to meet 612.36 grams for it to be eligible for Zakat. If your assets meet this amount, you must get an accurate value for them closer to the time and work out 2.5% of this total value to give as Zakat.
Calculate Zakat on Money
To calculate Zakat on money you have in accounts or cash, the process is a little different to gold and silver assets. Any money you own in accounts or as cash that has been held throughout a full lunar year requires you to work out 2.5% of the total amount you have.
Use Our Online Zakat Calculator Now
We understand just how difficult and confusing working out your Zakat accurately can be, which is why we’ve made it easier than ever to quickly and precisely find out how much you need to pay.
