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Zakat Meaning: "Zakat" is an Arabic word that means "giving to the needy" or "giving to charity". How does Zakat Work? Muslims who own wealth above a certain amount, known as the nisab, must pay Zakat. The Zakat rate is 2.5% of the amount of wealth above the nisab. Zakat is paid once a year after the lunar (Islamic) year has passed. To calculate Zakah on gold, the number of grams is multiplied by the caratage, then divided by 24. The resulting figure represents the pure, 24 karat gold. If that number reaches 85 grams or more, then Zakah must be given on it, at the rate of 2.5%. Praise be to Allah. To begin, pick a nisab standard that you prefer to use (gold or silver) 2 as well as your preferred legal school. After that, enter the monetary value of your assets below to determine whether you have reached nisab or not; if nisab is reached, the calculator will determine how much zakat you owe. Zakat is a Pillar of Islam to purify your wealth for Allah’s (SWT) will. Zakat Calculator #currentYear# helps you calculate and find your payable Zakat amount for the year. Many people choose to pay their Zakat al Fitr and Zakat during Ramadan because of the increased reward. Nisab amount calculated based on 3 oz of pure Gold which is $5,694 as of February 20, 2024. When is Zakat due date? Zakat is due after one Lunar (Hijri) year starting from either the first day you acquired the amount of Nisab or the day you paid Zakat last year. The month of Ramadan is considered to be the best time to pay Zakat. Use the optimized Zakat calculator for Ramadan 2024. Easily determine your payable Zakat at Albaraka Trust. Nisab threshold: 87.48g gold or 612.36g silver. Enter all assets which have been in your possession for one lunar year. Zakah is payable at 2.5% of your wealth which has reached the minimum threshold of nisab. As of March 29, 2022 the gold nisab is roughly $5,763. Quickly and accurately determine your annual zakat obligation. Simplify your zakat calculations based on your assets and liabilities in just a few clicks! SKT Welfare provides a free Zakat calculator to calculate the sum you pay on gold and silver. Use it now to do your Zakat calculation for 2023 Use Alkhidmat's simple Zakat Calculator 2025 to determine your zakat obligation accurately. Just input your financial details, such as zakat on gold, silver, or current accounts, and the calculator will guide you based on the Zakat Nisab. This user-friendly tool ensures your zakat deduction is calculated according to Islamic principles, with the zakat percentage applied correctly. Conveniently Zakat on Gold and Silver. Zakat on gold should be calculated at 2.5% of the market value as on Zakat Due Date. Zakat is to be paid on silver in pure form or jewellery, utensils, decorative items and all household items including crockery, cutlery made of silver at 2.5% of the prevailing market rates. It is a good idea to pay Zakat in Ramadan to maximise the reward if someone’s Zakat has to become compulsory shortly after Ramadan. Administrators of Zakat Muslim Aid is an international organisation with almost 35 years of experience in assisting some of the most vulnerable people in the world. Paying Zakat in this month not only fulfills a crucial pillar of Islam but also amplifies the benefits of this act of worship. Think of Ramadan as a prime time, much like a season finale in your favorite TV series, where the anticipation and the stakes are high, and the rewards, monumental. Your 10-Point Guide to Fulfilling Zakat This Ramadan 1. Enter the dollar value only. Gold and silver that you own in any form is subject to Zakat according to its weight value. Gold and silver can be valued by its weight and resale value by a jeweler or you can multiply the number of grams (of gold or silver) that you own by the current market value. This Zakat Calculator is based on Canadian terms and prices. If you are in the US, or elsewhere, use local Gold pricing, and investment vehicles. For help on Zakat terms and an explanation of the various calculations, please visit the Zakat page here. Steps to Calculate Zakat on Gold. You must pay Zakat at the rate of 2.5% of the value of the gold that you own. A single gram of gold costs £47.32 in 2024, which means that, on 1g of gold, £1.18 Zakat must be paid. Follow these steps to calculate how much Zakat you must pay on the gold you own: Weigh any gold you own. The third difference is when zakat ul-fitr and zakat are due. Zakat al-fitr is due as the sun sets on the last day of Ramadan, at the very latest. Zakat, on the other hand, is required to be paid after one lunar year if a Muslim’s wealth equals or surpasses the nisab value. The moment this wealth equals to or exceeds nisab, zakat is due. Nisab of Zakat The Nisab of Zakat is the minimum amount of wealth a Muslim possesses. These assets must be in the possession for over one lunar year to be eligible to pay Zakat. The sum is commonly known as the nisab threshold. The nisab of Zakat is calculated on the values of Gold and Silver. When it comes to paying Zakat on gold, the Nisab threshold is set at 87.48 grams of gold, which means if your gold holdings meet or exceed this amount and have been in your possession for a lunar year, Zakat becomes obligatory. How to Calculate Zakat on One Tola of Gold. Calculating Zakat on gold, including one Tola, is relatively straightforward. Nisab as of Ramadan 1st – April 2 2022:. Using value of silver (612.36 grams) – approximately $606.23 Using value of gold (87.48 grams) – approximately $6,779.70. Assets & Liabilities (at the end of the Lunar Year)
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