Giving Zakat is mandatory for all qualifying Muslims and is focused on present Nisab values. These can differ from year to year, making it difficult to know how much to pay. Using theNisabvalues to simplify the rules for paying zakat. Finding out how much Zakat can pay and how it can be challenging often, and’s why we’ve built this brief guide. You can also check Zakat calculator UK for a better understanding.
How much zakat do you pay?
Our Holy Prophet Muhammad SAW has fixed Nisab at a cost of 87.5 grams of gold or 612.4 g of silver. Today, this is typically the equivalent value in your local currency. In the Hanafi madhab, the amount of silver is being used to decide the eligibility of the Nisab to pay the Zakat. The value of gold is included in the other. The value of gold and silver varies every day, so your Zakat payment will differ slightly every year.
The Zakat Nisab price is the minimum standard needed for a person to be eligible to pay Zakat in that particular lunar year. Your overall income must be equal to or greater than the Nisab value in order for you to be able to pay Zakat.
Nisab for Zakat 2021:
For any stable, mature Muslim who possesses more than a certain level of money – known as Nisab – he or she should pay 2.5 percent of that wealth as zakat. In the case of agricultural products, precious metals, and animals, the average ranges between 2,5% and 20%.
Your contribution to Zakat is projected to reflect 2.5 percent of your total wealth accrued over the year. For eg, if your total assets (after any debt incurred) amounted to £5,000, you will have to pay £125as Zakat.
How to calculate Zakat easily:
People can use the Zakat calculator UK for gold, silver, cash as well as other properties to calculate their total wealth, and then find out how much Zakat they have to pay for. Please note that any debts you still have outstanding, including any kind of loan, are disqualified for Zakat and must therefore be deducted from the total amount.
Zakat Paid on:
Zakat is not only paid for deposits on your savings account. You need to pay Zakat for other forms of wealth, such as:
- Silver & Gold
- Money kept at home or on savings accounts
- Stocks and bonds held either directly or by investment funds
- Money loaned to others
- Commercial and merchandise stock
- Agricultural production
- Animals such as cattle, sheep, and goats
- Pension payments
- Property kept for productive investments
Time for Zakat Pay
Zakat is usually required for the full lunar year, and therefore, the majority of Muslims pay for it towards the end of the year. While this can be charged at any time, there are those who prefer to pay Zakat during Ramadan.
❖ Payee For Zakat:
- Poor people
- The Required
- Travelers truly needy
- Those in debts Those held against their own will or in slaves
- Fresh Muslim and Associates of the Islamic Faith
- Those who are in the cause of Allah the Managers of Zakat
Eventually, now you’re going to know exactly how much Zakat is going to pay, and you’re prepared to make your payment. As a compulsory act of worship, your payment is intended to benefit Zakat-eligible persons, as decreed by Prophet Muhammad (PBUH). Taking into consideration all the various things and information that need to be kept in mind when measuring Zakat, knowing the importance of Zakat Nisab, when paying Zakat, and who we can give it to, the whole process is complex.