How do i calculate my Zakah

calculate zakaah

Zakah is one of the five pillars of Islam and is a duty performed on a regular basis. Zaikai is a contribution paid once a year on savings of two and a half percent. This giving is to “cleanse” your money and possessions from excessive desire for them or greed. The idea is, that by giving this money you learn not to place too much importance on material wealth (cash and possessions).
Zakaat is payable on all Zakaatable assets to the value of Nisaab or more at the end of one’s Zakaatable year.

 

Zakaatable assets are generally gold, silver, cash, dividends/shares, debtors and trading stock.

 

The Zakaatable year is the lunar year after the day one had Zakaatable assets to the value of Nisaab.

 

Creditors are subtracted from the sum of Zakaatable assets and 2.5% of the balance is payable as Zakaat.

 

Through the payment of Zakah, the rich share their wealth with the poor and thus the process of concentration of wealth is checked and fair distribution ensured.

 

‘Abu Huraira reported Allah’s Messenger (Peace be upon him) as saying: If any owner of gold or silver does not pay what is due on him, when the Day of Resurrection would come, plates of fire would be beaten out for him; these would then be heated in the fire of Hell and his sides, his forehead and his back would be cauterized with them. Whenever these cool down, (the process is) repeated during a day the extent of which would be fifty thousand years, until judgment is pronounced among servants, and he sees whether his path is to take him to Paradise or to Hell’ – Sahih Muslim

 

And Allah Ta’ala Knows Best

 

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Tayyib HMC FInder

Munadil Islaam

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