How to Calculate Zakat Nisab
Zakat Nisab is calculated based on Gold or Silver. “This threshold was set by Prophet Muhammad (ﷺ) at a rate equivalent to 85 grams of gold and 595 grams of silver” (Source ==> ) Step 1: Let’s find the value of 1 gram of gold in US dollar 1 gram of Gold = 67.50 USD […]
Zakat Nisab: What is Nisab?
Zakat is one of the Five Pillars of Islam, and it is an obligatory form of almsgiving or charity for eligible Muslims. Zakat Nisab refers to the minimum amount of wealth a Muslim must possess for a full lunar year before they are required to pay Zakat. The Nisab is usually measured in terms of […]
Individual Zakatable Assets: What You Ought to Know about Your Assets Before Paying Zakat
Individual Zakatable assets are your assets that are eligible and considered when calculating and paying Zakat. Such types of assets include (but are not limited to) : Money you put in the bank accounts, cash you save in other places other than the bank, and any other liquid assets. The market value of gold and […]
THE RECIPIENTS OF ZAKAT
Those who are qualified to receive Zakat are: 1. The poor 2. The needy: Those who are in need. 3. Those whose hearts are to be reconciled with Islam. 4. The slaves who need freedom: Those who need to be freed from slavery. 5. Debtors: Those who are in debt. 6. The way of Allah: […]
Retribution for not Giving Zakat
“As for those who accumulate gold and silver and do not spend it in the way of Allah, give them the ‘good’ news of a painful punishment. On the day it (the wealth) will be heated up in the fire of Jahannam, then their foreheads and their sides and their backs shall be branded with […]