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Understanding the Threshold
Zakat, one of Islam’s Five Pillars, is required of all Muslims with money above a particular level, known as Nisab. It refers to the minimal wealth or assets a Muslim must possess before being required to pay Zakat. It acts as a factor for determining Zakat eligibility. Nisab is normally calculated using the worth of gold or silver, but other factors can be included depending on the locality and Islamic scholars’ interpretations.
If the Nisab threshold is based on gold, a person must have wealth equal to or greater than the value of a specific amount of gold before Zakat becomes mandatory for them. Similarly, if the Nisab barrier is based on silver, the individual must have wealth equal to or greater than the value of a specified amount of silver.
When an individual’s fortune reaches the Nisab threshold and continues over it for a full lunar year, they must pay Zakat, normally computed as a percentage (usually 2.5%) of their total wealth over the Nisab threshold.
Zakat Year and Its Rules
The Zakat year is when a person’s wealth is appraised to calculate their Zakat obligation. The Zakat year is based on the Islamic lunar calendar, which has 12 lunar months.
The Zakat year begins when a person’s wealth reaches or exceeds the Nisab threshold and lasts for one full lunar year.
During this time, people must regularly assess their wealth and assets, which include savings, investments, gold, silver, and other possessions. The computation period is twelve lunar months, during which any swings in wealth must be considered when assessing Zakat eligibility.
At the end of the Zakat Year, people calculate their Zakat obligation using their total wealth and assets. If their wealth reaches the Nisab threshold and stays above it for the full year, they must pay Zakat.
Calculate your Zakat with Baitulmaal Global Relief
Calculating Zakat entails measuring one’s wealth and assets to estimate the amount owing as an obligatory charity under Islam. To calculate Zakat, list all assets, including cash, savings, investments, gold, and silver, as well as any ongoing debts or liabilities.
To help our UK donors with appropriately calculating their Zakat, we set up a 2024 Zakat Calculator.
Calculate your Zakat today and donate it to a better cause.
How does BGR help you with giving Zakat?
Zakat guidance is essential for Muslims seeking clarity and direction in performing their Zakat, and Baitulmaal Global Relief stands out as the ideal resource for this task. With our extensive knowledge and dedication to Islamic principles, we offer comprehensive Zakat guidance adapted to individual needs. Furthermore, our transparent and accountable method of Zakat distribution guarantees that contributions reach those in most need, having a real impact on communities worldwide. Donors who choose BGR for Zakat guidance fulfil their religious responsibility while contributing to global good change and social fairness.
The Zakat rate, set at 2.5% of one’s total wealth and assets, is the percentage required to complete the Zakat in Islam. This rate applies to all qualified assets, including cash, savings, investments, gold, silver, and business inventory.
More About Zakat
Zakat is a compulsory kind of charity in Islam that requires Muslims to give a percentage of their income to those in need. It is one of Islam's Five Pillars and purifies riches while fostering social fairness.
The Nisab threshold is the minimum amount of money a person must have before Zakat becomes mandatory. It primarily depends on the price of gold or silver and may fluctuate depending on market conditions.
Muslims with wealth exceeding the Nisab criterion for a full lunar year must pay Zakat. This includes cash, savings, investments, gold, silver, and other assets.
As specified in Islamic teachings, Zakat must be distributed to specific recipients. These include the impoverished, the needy, debtors, travellers, and people involved in the Zakat administration.
Certain assets, including personal houses, clothing, and necessities, are free from Zakat. Individuals enduring financial hardship or debts that outweigh their assets may be excluded from paying Zakat.
While Zakat is not generally deductible for tax purposes in most countries, it is considered a religious requirement in Islam. It carries enormous spiritual advantages for those who follow it properly.
Zakat is an Arabic word which literally means “that which purifies”. Therefore Zakat is a way to purify your wealth and income. This purification occurs by giving a portion of your wealth to charity. It is important to note that Zakat is not a tax, rather it is an act of worship dedicated to supporting those in need.
Donating Zakat through BGR is quick and convenient. Individuals can give online at BGR's website or contact the Zakat team for assistance. BGR makes it easy for contributors to share their Zakat by providing safe payment choices and attentive support. While Zakat is not generally deductible for tax purposes in most countries, it is considered a religious requirement in Islam. It carries enormous spiritual advantages for those who follow it properly.
Let Baitulmaal Global Relief help you with your Zakat.
Donate your Zakat to Baitulmaal Global Relief and help us achieve our aim of alleviating suffering and promoting sustainable development worldwide. Your Zakat enables us to carry out life-changing food security, healthcare, education, and livelihood support projects.
As you meet your Zakat commitment, consider the significant influence your contribution can have on the lives of others. Giving generously fulfils a religious duty while also embodying the virtues of compassion, fairness, and solidarity.
Donate your Zakat to Baitulmaal Global Relief and be a source of hope for people in need. Together, we can make a real difference in the lives of millions.
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