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Everthing You Should Know About Zakat - Beginners Guide

It is Ramadan, and many of us are wondering how to calculate Zakat at this time. But first, let’s take a step back and consider what Zakat is all about. What is the significance of it in Islam?
Charities continue to give relief and support at a time when many services and businesses are prohibited, borders are closed, and many people’s livelihoods are in jeopardy. Humanitarian organizations throughout the world are working to ensure that the most vulnerable individuals are not forgotten during the outbreak.
However, they couldn’t function without the generosity of those who are prepared to help in a time of need. Giving charity is more than a way for Muslims to gain Allah’s favor; it is also an obligation and a right that we must fulfill, known as Zakat.

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“Those who set aside a known right from their wealth for the needy and impoverished… they are honored in the Gardens of Bliss.”
70:24-35 in the Quran This beginner’s guide to Zakat has been put together to assist you in fulfilling this crucial requirement. We’ll go over everything you need to know to get started in the next sections. The following are some of the themes we will discuss:
What exactly is Zakat?
So, what is Zakat, exactly? Zakat is a charitable contribution paid by Muslims that is estimated as 2.5 percent of their surplus money. In layman’s terms, Zakat is computed as 2.5 percent of your non-essential savings and financial assets. The figure excludes any money used to pay bills, mortgage payments, or other necessities. When trying to find out how to compute Zakat – or even if you qualify to pay at all – there are a few more criteria to consider.
What is Nisab, exactly?
Nisab is the bare minimum of wealth that determines whether or not you are required to pay Zakat. If your possessions exceed Nisab, you are required to pay Zakat for that year. If it is less, you are exempt from paying Zakat.
The threshold of minimum wealth (Nisab) in Islamic law is set at either 3 ounces of gold or 21 ounces of silver. We can determine the cash worth of gold and silver online because we no longer use them as currency.
Gold
The gold standard defines the Nisab as 3 ounces of gold (87.48 grams) or its monetary equivalent.
Silver
The silver standard defines the Nisab as 21 ounces of silver (612.36 grams) or its monetary equivalent.
Are you unsure whether to utilize the gold or silver Nisab threshold? The silver standard is primarily employed in the Hanafi school of thinking to determine the Nisab threshold and zakat eligibility. However, some current Hanafi scholars advocate for the use of the gold standard, particularly in today’s world, where the expense of living is high and the value of silver has plummeted. The value of gold is used by the other schools of thought.
I’m not sure if I have to pay Zakat.

Zakat, like any other Islamic obligation, is only obligatory provided specific criteria are met. Allah (SWT) does not burden a soul with more than it can handle, as we all know.

Zakat is necessary for Muslim adults of sound mind who own the minimal amount of Zakatable wealth, or Nisab, for at least one lunar year, according to the majority of experts. You should be aware that some schools of thought believe that minors with wealth or inheritance must pay Zakat if they meet the following criteria: they must be Muslim, have entire possession of the wealth for one lunar year, and meet the Nisab threshold.
This, of course, does not apply to children’s allowances or Eid money, but it does apply to minors who have trust funds or inheritances. The specifics and technicalities are beyond the scope of this blog post, but you can seek additional information from your local scholar. We only wanted to alert you to the potential.
What Is Zakat and How Do I Calculate It?
In most cases, figuring out how to calculate Zakat is similar to figuring out how to compute taxes. The following is the basic formula:

Zakat calculator


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