Zakat Calculator UK
Zakat is the third of the Five Pillars of Islam, and it acts as a form of almsgiving and religious tax. Muslims must possess a certain level of wealth to be eligible for Zakat, and this is otherwise known as the Nisab threshold. Those with wealth that exceeds the Nisab threshold give Zakat to redistribute wealth among the Ummah, the global Muslim community. Not only does this ensure that the less fortunate are taken care of, but it also purifies the giver’s wealth and helps reduce inequality. You can donate your Zakat here.
The Zakat Percentage - How Much Should You Pay?
The standard percentage for Zakat is 2.5% of a person’s savings and wealth. When your wealth exceeds the Nisab threshold, the percentage is applied to your total amount of qualifying assets.
How is Zakat Calculated?
The main categories of wealth that Zakat is calculated on include the following:
- - Cash, bank savings, and other liquid assets
- - Gold and silver
- - Stocks and investments
- - Business goods and assets
- - Agricultural produce and livestock
The calculation process is as follows:
- Determine the Nisab value: The Nisab is equivalent to the value of 87.48 grams of gold or 612.36 grams of silver (As of 4th November 2024). Convert this amount to your local currency.
- Calculate your total qualifying assets.
- Subtract any debts or liabilities.
- If your remaining wealth is above the Nisab threshold, multiply it by 2.5% to determine your Zakat obligation.
How to Calculate Zakat on Salary
The process of calculating Zakat on salary is as follows:
- Calculate your annual savings from your salary.
- Include any other savings and qualifying assets.
- Subtract your expenses, debts, and liabilities.
- If the remaining amount exceeds the Nisab threshold, multiply it by 2.5% to find your Zakat payment amount.
Gold Zakat Calculator
In order to calculate Zakat on gold, you need to follow the below steps:
- Determine the current market value of gold per gram.
- Calculate the total value of the gold you own (weight in grams x market value per gram).
- If the total value of the gold meets or exceeds the Nisab threshold, multiply it by 2.5% to determine your Zakat on gold.
Use GRF’s Zakat Calculator Today
With the help of GRF’s Zakat Calculator, it couldn’t be easier to fulfil your religious obligation and make your Zakat donation. Simply input the required values, and we’ll do the rest. Your zakat can help thousands of families in need, and can provide vulnerable families with the essentials they need.
