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 global Muslim community (Ummah). 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.
The standard percentage for Zakat is 2.5% of a person’s savings and wealth. When their wealth exceeds the Nisab threshold, the percentage is applied to their total amount of qualifying assets.
The main categories of wealth that Zakat is calculated on include the following:
The calculation process is as follows:
The process of calculating Zakat on salary is as follows:
In order to calculate Zakat on gold, you need to follow the below steps:
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 people with the essentials they require to survive.
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To donate over the phone, Call: 0161 302 7888 and ask for the fundraising team
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