Zakat Calculator

What Is Zakat?

Zakat is a compulsory form of charity in Islam, forming one of its five pillars. It is a duty for Muslims who meet the required wealth threshold, known as Nisab. The aim of Zakat is to purify wealth, assist those in need, and contribute to the community's welfare.

How to Use the Zakat Calculator

The Zakat Calculator helps you accurately determine your Zakat obligation by following these straightforward steps:

• Input the total value of your cash, savings, and bank balances.
• Add the current market value of your gold and silver.
• Include investments, business assets, and trade stock.
• Deduct your debts and necessary upcoming expenses.
• Click the "Calculate Zakat" button to find out the Zakatable amount and the Zakat you owe.

Key Features of the Zakat Calculator

• Automated Calculations: Removes the need for manual calculations.
• Customizable Inputs: Offers fields for various asset types and deductions.
• Accurate Results: Computes Zakat at the standard rate of 2.5%.
• Visual Insights: Provides a breakdown of assets and deductions for clearer understanding.

Understanding Zakatable Assets

Zakat is calculated on specific assets that you possess for a complete lunar year (Hawl). These include:

• Cash and Savings: Physical cash, bank balances, and fixed deposits.
• Precious Metals: Gold and silver, valued at current market rates.
• Investments: Stocks, shares, and business profits.
• Trade Merchandise: Inventory held for business purposes.

Frequently Asked Questions

What is the Nisab Threshold?

The Nisab is the minimum amount of wealth required for Zakat to be obligatory. It is equivalent to the value of 87.48 grams of gold or 612.36 grams of silver.

When Do I Pay Zakat?

Zakat is due annually and should be paid once your wealth exceeds the Nisab threshold and has been held for a full lunar year.

What Are Valid Deductions?

Liabilities such as debts and necessary expenses can be deducted before calculating the Zakatable amount.

What Happens if My Wealth is Below Nisab?

If your total wealth after deductions is below the Nisab, you are not required to pay Zakat.

Benefits of Paying Zakat

• Spiritual Purification: Cleanses your wealth and purifies your heart from greed.
• Social Welfare: Aids the less fortunate and helps reduce economic inequality.
• Community Growth: Contributes to building a stronger, more compassionate society.