Calculate your Zakat online with this online Zakat Calculator. This will help you give the charity in the holy month of Ramadan.
Being a Good Muslim is not just limited to offering prayers and fasting. We, as Muslims, are also here to help & Support our community. Islam encourages each of us to donate and help the needy and the poor. Let’s talk about Zakat.
Online Zakat Calculator – Calculate Zakat Online
To calculate Zakat, we can get ourselves the exact amount we need to give out using the Zakat calculator, which tells us the payable amount from your earnings and savings you have made in the previous year. Many zakat calculators help you provide information and status on your current wealth and what portion one has to deduct for the needy.
Zakat Calculator
Zakat is an obligatory part of the Islamic faith which is a type of wealth tax.
What is Zakat?
Among all important pillars of Islam, Zakat stands at 3rd. It means to purify your wealth along with your soul. Islam has emphasized a lot of charity. That’s why it is an obligation to pay zakat. Zakat is to be given from a person’s overall wealth he/she makes in a year, and a portion of 2.5% must be deducted for the needy and the poor.
Although Zakat is not compulsory for everyone, A person becomes eligible for paying zakat after meeting the following 2 conditions;
- Nisab
- Due Date
Nisab
Nisab, i.e., the amount of wealth the payer of Zakat has and the family responsibilities and the debts they are having against them. Furthermore, Nisab has a minimum slab that must be followed as per the instructions.
When should an individual pay Zakat? – Due Date
The due date for Zakat is set to be soon after one year. Further, the due date of the nisab begins from the date you have gained the riches or the day till which you have paid your last year’s zakat. Then again, the best and ideal opportunity for paying your zakat is the heavenly month of Ramzan.
Zakat requires a Muslim to donate the equivalent of 2.5 of their qualifying assets to charity to support those in need of money. Most Muslims give their Zakat in the month of Ramadan.
Every year in Ramadan, people search for ways to calculate their zakat
How to Calculate Zakat
The calculation for zakat can be done by calculating Everything you own, which includes both assets and money. After that, deduct this amount from everything you own. Check it against the Nisab value and work out the balance. Work out 2.5 percent of this above the nisab value if you want to find out your zakat amount.
How much Zakat one has to pay can be difficult to calculate as there are a lot of things to consider.
Firstly, You only need to pay Zakat if your overall wealth is equal to or above the wealth threshold, called the Nisab. This Nisab value can change daily, so it’s important to check the value on the day you pay your Zakat.
- Calculate everything you own, inclusive of both money and assets
- Calculate everything you owe and deduct this amount
- Work out the balance and check it against the Nisab value
- If it is above the Nisab value, work out 2.5 percent of this to find out your Zakat amount
Non-Zakatable assets:
Inherited money and other metals that are not silver or gold and assets that are not in your access right now.
- Money owed to a business for services, prepaid expenses, fixtures and fittings, property, and equipment can not be counted in zakat.
- The property you own with no intention to profit from.
- Any other metals apart from gold and silver.
- Inherited money and assets which you do not currently have access to.
It is very important to check the nisab value every year your zakat is due because the value of nisab is different every day. If your wealth becomes less than this threshold then you may not qualify for paying zakat.
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