Nisab in Gold = 7.5 tola(87.48 gm)
Nisab in Silver = 52.5 tola(612.36 gm)
Total Assets: £0.00 | Total Liabilities: £0.00 | Net Zakatable Amount: £0.00 | Zakat Payable (2.5%): £0.00 | Transaction Charge (2.5% of Zakat): £0.00 | Total Zakat + Charge: £0.00 |
Zakat is one of the five pillars of Islam and also an act of worship. The meaning of Zakat is ‘to purify’ and so to purify wealth all Muslims are obliged to pay a portion of their assets to help those in need. In order to pay Zakat, a Muslim must be adult, sane and possess the nisab (a minimum amount of wealth) for an entire year.
Assets you must include in your Zakat calculation are the following, cash (on hand and in bank accounts) gold, silver, pensions, shares, business goods, cattle and crops. However, you do not need to calculate personal items for example, your home, furniture, cars, vehicles, clothing, food, that are not used for the purpose of business.
Zakat is one of the five pillars of Islam and it is an obligatory act. The meaning of Zakat is “to purify”. In essence, Zakat is purity or to purify. To purify our own wealth all Muslims are obliged to pay a portion of their wealth.
Zakat is an obligation upon any Muslim who has reached puberty, is sane and has had more than the minimum required amount of wealth (Nisaab) for one year. Please use our Zakat Calculator below to work out your Zakat.
The value of Nisaab is 87.48 grams of pure gold or 612.36 grams of pure silver. So the monetary value of Nisaab will vary according to current prices. It requires giving a calculated amount (2.5%) of your wealth to the poor and needy.
