Zakat
Zakat is a 2.5% mandatory Islamic charitable contribution, calculated as a percentage of wealth, given to help those in need.
Zakat is a 2.5% mandatory Islamic charitable contribution, calculated as a percentage of wealth, given to help those in need.
What is Zakat?
Zakat is not an option; it is a compulsory act for all Muslims. It is an act in which one pays 2.5% of their annual savings to those inAdd commentMore actions need. It is a religious duty which purifies our provision and ensures excess wealth is distributed amongst those in need.
Based on the gold price of
£78.31 per gram
Based on the silver price of
£0.85 per gram
When should zakat be paid?
The minimum amount of wealth a Muslim must possess before they become eligible to pay Zakat.
A lunar Year (354 Days/Islamic Year) has passed on it after reaching the Nisaab.
How Much Do I Pay?
So the minimum current amount is: £6,850.62 before Zakat is due to be paid. For example, if a year had passed on this amount you would pay 2.5% of this which would be £171.27. If you had £5,000.00 in wealth/assets saved and a year had passed on it then you would pay £125.00
In the bank or at home and that which is saved for anything specific.
In the bank or at home and that which is saved for anything specific.
The value of the shares you own at their market price.
If it is expected to be repaid.
The balance sheet value of the Stock you possess.
Any rental income that’s been saved over the year.
Zakat is not an option, it is a compulsory act for all Muslims. It is an act in which one pays 2.5% of their annual savings to those in need. It is a religious duty which washes away impurities from our provision and ensures excess wealth is distributed amongst those in need.
Live Nisaab Values : Gold:£6,850.62
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Tip: If you do not own any of the above, click continue
Below are our donors’ most commonly asked questions.
The linguistic/literal, or denotative definition of the word ‘Zakat’ (or ‘Zakah’) is “increase,” as in growth (Nama). The word alsoAdd commentMore actions connotes “purification” (Taharah).
The Shar’i definition of the word ‘Zakat’ is “that which purifies”, showing that giving Zakat is a means of purification.
Zakat is one of the Five Pillars of Islam: an annual obligation for all able Muslims, where we pay 2.5% of our annual savings to ourAdd commentMore actions brothers and sisters in need worldwide.
It is a religious duty which purifies our provision, ensuring excess wealth is distributed fairly amongst those less fortunate.
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