Salam o Alaikum!
Zakat is a form of obligatory charity in Islam that eases the suffering of millions of our Muslim brothers and sisters in need.
The literal meaning of the word ‘Zakat’ is ‘to cleanse.’ Therefore, paying Zakat means purifying our souls from within and increasing barakah in our wealth.
Ramadan being the most-awaited Holy Month of the Islamic Calendar, most Muslims make a habit of paying their share this time of the year. Therefore, if you haven’t paid your Zakat yet, it’s time to calculate your share now and offer it to the needy ones who deserve it.
Who Is Eligible to Pay Zakat?
That said, suppose you’re wondering whether you should be paying Zakat considering your very limited savings. In that case, you can check if your balance is at least the pre-declared ‘Nisab’ figure that makes you accountable for paying Zakat.
You can measure the Nisab figure by two means – by gold or by silver.
Note that Zakat applies not only to your savings cash-wise but also to gold, silver, cash held in bank accounts, stocks, properties, money lent to others, livestock, pensions, and investment funds.
If you’re calculating your Zakat by the ‘gold’ measure, it’s important to remember that your savings should only be in the form of gold. In this case, if you have gold equal to or more than 87.48 grams, Zakat is wajib on you.
On the other hand, if you also have savings besides gold (or just have cash in savings), then you should take the silver Nisab value into account as well. It means that the total value of your gold and other savings eligible for Zakat should be equal to or more than the cash equivalent of 612.36 grams of silver.
How to Calculate Your Zakat?
Lastly, if you’re confused about how to calculate your Zakat right, we have the perfect solution for you! You can refer to the IslamicFinder Zakat calculator by tapping here and learn your obligatory share in just a few taps.
May Allah (SWT) accept our good deeds this Holy Month and allow us to help others in need beyond Ramadan as well. Ameen.
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