As a follow-up to the Zakat series in our previous articles, today we will learn how to calculate Zakat. The example below does not include all the Zakatable items but can be utilised as a template to be used to calculate Zakat.
To do this, we have made this MS Excel version of a template that can be downloaded and used to input the Zakatable items to get the instant Zakat Payable. Click here to get yours =>
| ASSETS | TOTAL (Naira) |
| Total amount you have at bank | 8,000,000 |
| Total amount you have at hand | 1,100,000 |
| Total amount you lend to someone | 300,000 |
| Current market value of your gold and silver | 4,000,000 |
| Any other assets | 1,000 |
| etc. | |
| TOTAL ASSETS (TA) | N 13,401,000 |
| LIABILITIES | |
| Total amount you owe | 1,000,000 |
| Total amount of rent you owe | 700,000 |
| Total amount of utility bills (electricity, Water etc.) | 10,000 |
| Total unpaid income tax | 100,000 |
| Total amount of you owe your housemaid etc. | 15,000 |
| Any other liabilities | 1,000,000 |
| etc. | |
| TOTAL LIABILITIES (TL) | N 2,825,000 |
| NET ASSETS (=Total Assets (TA) – Total liabilities (TL)) | N 10,576,000 |
| ZAKAT PAYABLE (=Net Assets x 2.5%) or (=Net Assets ÷40) | N 264,400 |
AccordingtoNationalMoonSightingCommitteeNigeria asat6th Sha’ban 1445H /16th February2024 (source⇒ https://twitter.com/moonsightingng/status/1758418889577206070), the Zakat Nisab is N8, 310,320.
Note: If the net assets reach or exceed the Zakat Nisab, then you are eligible and it is mandatory for Zakat to be paid.
Additionally, consulting with your local scholars or Islamic authorities for the most accurate and up-to-date information is recommended.
Our services to the beneficiaries of your Zakat include:
Financial Inclusion: AWF brings the prospective beneficiaries into our microcredit and microfinancing scheme. Removing the barriers that exclude minority groups like women and differently-abled people.
Training on skills acquisition: Beneficiaries will have the opportunity to intern and gain skills that will make them productive in the investment of the Zakat.
Training on simple book keeping: AWF organises financial literacy workshops to train beneficiaries on simple book keeping and accounting to enable them evaluate the costs of their businesses.
Advisory services: Zakat beneficiaries enjoy free consultation services to facilitate judicious use of the Zakat
Records and statistics: AWF collects data and analyses it to deduce how best Zakat can be employed to improve the socio-economic standards of its beneficiaries
Impact assessment: AWF will monitor, evaluate or assess the impact of your Zakat to the beneficiaries and their immediate community.
To learn more and donate, visit ⇒ https://www.almubarakwaqf.org/donate
Our Zakat Collection Account details are:
Name: Almubarak Waqf Foundation Zakat Collection Account
Account No.: 0693545025
Bank: Guaranty Trust Bank (GTBANK)
Follow our social media handles:
1. Twitter: https://www.twitter.com/almubarakwaqf
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4. Linkedin: https://www.linkedin.com/in/almubarakwaqf
Call: +2348032408980, +2348028585115
Or visit us at #19 Almubarak Waqf Foundation, Islamic Forum Building, Guda Abdullahi Road, Farm Center, Kano State
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