Zakat
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 the Third Pillar of Islam.
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 purifies our provision and ensures excess wealth is distributed amongst those in need.
Current Nisaab Rates for Gold and Silver
£10,167.89
GoldBased on the gold price of
£116.23 per gram
£1,087.30
SilverBased on the silver price of
£1.78 per gram
When should zakat be paid?
Zakat is Paid When Two Conditions are Met
The Nisaab
The minimum amount of wealth a Muslim must possess before they become eligible to pay Zakat.
The Hawl
A lunar Year (354 Days/Islamic Year) has passed on it after reaching the Nisaab.
How Much Do I Pay?
One Ummah Uses the Value of Gold as the Standard for the Nisaab
So the minimum current amount is: £8,853.37 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 £221.33. If you had £5,000.00 in wealth/assets saved and a year had passed on it then you would pay £125.00
Zakat Applicable Wealth and Assets
Cash
In the bank or at home and that which is saved for anything specific.
Gold and Silver
In the bank or at home and that which is saved for anything specific.
Shares
The value of the shares you own at their market price.
Money Owed to You
If it is expected to be repaid.
Zakat
Calculator
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 : Nisaab: Gold:G: £10,167.89
Step 1/3
What do you own?
Tip: If you do not own any of the above, click continue
What Does Zakat Mean?
The linguistic/literal, or denotative definition of the word 'Zakat' (or 'Zakah') is "increase," as in growth (Nama). The word also 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: An Obligatory Pillar of Islam
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 our 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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