What is Zakaah?
Zakaah is an act of worship (one of the five pillars of Islam). It is a religious duty which
cleans away impurities from our provision and ensures excess wealth is distributed
amongst those in need, in essence Zakaah is purity or to purify. Zakaah is an obligation
upon any Muslim who has reached puberty, is sane and has had more than the
minimum required amount of wealth (Nisaab) for one year.
What is Nisaab?
The value of Nisaab is 87.48 grams of pure gold or 612.36 grams
of pure silver. So the monetary value of Nisaab will vary according to current prices.
It requires giving a calculated amount (at 2.5% of your wealth) to the poor and needy.
Who Should Pay Zakaah??
Firstly, you have to work out whether you are obligated to pay Zakaah by looking
at whether what you own meets the Nisaab.
What is a Shar’i Faqeer?
The categories entitled to receive Zakaah are described:
- The one who has some wealth beyond essential necessities, but not equal to nisab.
- The one who has nothing, to the extent that he is dependant even for food and drink.
- Such a debtor who after paying his debt no longer would have wealth reaching Nisab.
- In the path of Allah, e.g. for to perform Hajj. For a student of Islamic knowledge.
- The traveller who has become poor on his journey, even if he has wealth at home.
Zakah Calculator
((Gold / Silver vaule + Currency (cash or Bank balance) + Business Stock) - Loan )/40 = Payable Zakah
How to Evaluate Gold.
- 1 Tola = 11.650 grams (round 11.7 grams) , the best practice is to weigh your all gold jewlary and write down and keep it safe, so you do not have to weigh every year.
- Find our Gold rate per gram from Gold Smith or online. Usually scrap gold price.
Multiply the weight in grams x pergram price . e.g 11.70 g x £39 = £456.30. You may round upward for safeside.