Zakat Calculator 2023
Online Donation With Zakat Calculator
Zakat Calculator: Zakat is a charitable donation that Muslims give to help the poor and needy.
In this section, we will discuss the meaning of Zakat, how much it costs and how it is distributed.
Zakat in Islam is a charitable donation that Muslims give to help the poor and needy. It is one of the five pillars of Islam. The word “Zakat” importance of zakat “purification”. It purifies one’s wealth by taking a percentage (2.5% for most zakat payers) and using it to help those in need.
How to work out how much zakat to pay?
Zakat is a type of Islamic tax that wealthy Muslims have to pay. This is a fixed amount and this amount depends on the assets of the person.
Zakat comes in two types – Zakat al Fitr (mandatory tax) and Zakat al Maal (discretionary tax). The first has to be paid after Ramzan, while the second can be paid any time during the year.
The amount of zakat you have to pay depends on how much property you have – if you have 10 items worth more than $1,000, you have to pay 1/10th of your property as zakat .
What Is Zakat Money
Returning humanity back is the third pillar of Islam. Charity is a fundamental teaching of Islam. Generosity is a central theme in Islam that Allah (SWT) gives to those He loves, and He guides us to stay away from attachment to material wealth.
Zakat purifies the wealth of Muslims, as Allah (SWT) says in the Qur’an;
“It keeps one away from sin and protects the giver from the greed of money and the moral evil arising out of love”.
What is Zakat Money?
Paying Zakat is an act of worship. It is a fundamental part of being a Muslim. Muslims purify their wealth and property by giving zakat money to their less fortunate brothers and sisters (poor and needy people) in Islam in order to come closer to Allah the most merciful. He (SWT) made zakat the third of the five pillars in Islam.
When Zakat is Due?
Zakat is a mandatory annual payment that Muslims must pay at the end of every lunar year. Ramadan is the best time for its payment. Muslims whose wealth has reached “Nisab”, which is the minimum threshold required for an individual to be eligible to pay Zakat in that specific lunar year, are required to receive Zakat money to net up their overall wealth. need to pay.
Who is Obligated to Give Zakat?
Zakat is the third pillar of Islam. Allah (SWT) made it a mandatory annual payment in the financial law of Islam. Muslims are one big family, who by nature care, support and help each other. Being kind and giving is the identity of a Muslim.
- Being an adult, sensible Muslim.
- A Muslim has complete ownership of the property.
- The wealth accumulated in the lunar year must reach or exceed the “Nisab”.
Paying Zakat purifies and increases your wealth, as our Beloved Prophet Muhammad (SAW) said:
“Charity never diminishes wealth.”
How to Calculate Zakat?
Zakat is calculated as 2.5% of your surplus money, savings and financial assets that you do not use. Or you can calculate your Zakat in Bonia thanks to our site, which is designed to help you calculate gold, silver, cash and other assets. This enables you to find out how much Zakat you have to pay.
Funds for Which Zakat is Due
There are a set of funds where Zakat must be due. Here they are;
- A fixed net worth for the entire lunar year.
- The wealth should be more than the “Nisab”.
- Zakat must be paid for gold and silver, presumptively; (85 grams for gold) and (595 grams for silver). Equal to 2.5% of the money.
- Zakat is payable on accumulation of gold, silver or other similar precious metals.
- Zakat is obligatory on purchasing a car for business or investment purposes.
- Zakat is payable on animals. The age of cows should be more than two years and one cow should be given out of 30 cows. sheep’s. The age should be more than five years and one sheep should be given out of 40 sheep.
- Zakat is Wajib on plants. It is paid for trees and crops.
Conditions that must be met by the Zakat money
Not all money is eligible for Zakat money. For money to be accepted as Zakat money certain conditions must be fulfilled, such as;
- Zakat money should be pure and halal.
- Zakat money should not be involved in any kind of business.
- The wealth should reach or exceed the “Nisab”.
- Passing a full lunar year after keeping Nisab.
- Money has the ability to grow and multiply.
Zakat on Money Saved
Zakat is obligatory on saved money, no matter where it is deposited. The value of accumulated capital is increasing; That’s why Zakat is Wajib. 2.5% of the total saved money should be donated to Zakat.
Zakat on Money That Does Not Grow
Zakat is obligatory on money, both when it increases and not when it increases. However, Zakat on money that does not increase is only obligatory if the cash exceeds the Nisab for that particular lunar year.
How to Calculate Zakat on Money Deposited in The Banks
Zakat is mandatory on money saved; However, the money kept can be deposited in Islamic banks or banks dealing with interest and usury.
- If the money was deposited in Islamic banks, Zakat must be paid on capital wealth and profits.
- If the money was deposited in banks dealing with interest and usury, Zakat is payable only on capital money. There is no Zakat on interest, as it is considered impure money.
Zakat on Gold and Silver
Islamic law considers gold and silver in all forms to be growing wealth, wealth that increases, which is the definition of Zakat. Therefore, a Muslim who places them at the threshold (Nisab) must pay the estimated Zakat for the entire lunar year.
Still, keep in mind that women do not pay zakat for jewelry used for decoration. Also, there is no zakat on a plain silver ring for men, a silver decorated sword hilt.
How to Pay Zakat
Donating your Zakat money starts with deciding where and to whom you want to send your Zakat donations, doing your research on Islamic centers and organizations and reaching out to them. They will help you in distributing your Zakat amount to the needy, whether they are in your country or elsewhere.
To Whom Zakat is Given and Its Expenditures
Islamic law states to whom Zakat money should go. Allah (SWT) told us that Zakat money is given to help and support those 8 categories of people;
- The poor (al-fuqara’).
- The needy (al-Masakin).
- Those hearts are to be reconciled; (New Muslims and friends of the Muslim community).
- Those in bondage (slaves and captives).
- The debt-ridden.
- In the cause of Allah.
- The wayfarer; (who are stranded on traveling with few resources).
Pay Zakat Online
Today, all Islamic organizations and centers globally provide secure online payment to their Muslim brothers and sisters who donate. You can calculate your Zakat and donate your Zakat securely through these payment methods. be at ease; Your donation will reach your less-fortunate brothers and sisters somewhere in the world.
Zakat donation today is easier than ever. All you have to do is calculate your Zakat money, decide where to send the money, who you want to receive it, and which organization you would prefer to send it through.
Many Islamic organizations can help you decide on all this, such as the Bonian Organization, which will walk you through all these details, respond to your wishes and help you make the best decision.