Zakat Calculator online
Zakat is one of the Five Pillars of Islam, considered a mandatory charitable obligation for Muslims who meet specific wealth criteria. It's a form of worship and purification of one's wealth. Here's a breakdown of key points about Zakat:
Purpose:
- Redistributes wealth in the Muslim community.
- Helps those in need, such as the poor, the needy, and those in debt.
- Promotes social justice and solidarity within the Muslim community.
Who Must Pay Zakat:
- Free, adult Muslims who are of sound mind.
- They must possess a specific minimum amount of wealth (called Nisab) above their basic needs for a full lunar year.
What is Considered Wealth for Zakat:
- Money and savings (gold, silver, etc.)
- Trade goods held for a specific period
- Livestock (camels, cows, sheep, and goats) that reach a specific number
Zakat Rate:
- The standard Zakat rate is 2.5% of the total wealth that meets the Nisab criteria.
- There are specific Zakat rates for different types of wealth, such as agricultural products and livestock.
How and When to Pay Zakat:
- There's no specific date for Zakat payment. It can be done any time during the year, but preferably once a year when your wealth reaches the Nisab threshold.
- Zakat can be given directly to the poor and needy, or it can be channeled through a Zakat collection agency.
Benefits of Zakat:
- Purifies one's wealth and increases blessings.
- Promotes social responsibility and compassion.
- Strengthens the Muslim community through helping those in need.