“Take a charity from their wealth in order to purify and sanctify them” – Quran
Zakat is a religious duty and an act of obedience to God; it must be given with a clear intention (Niyyah) that the payment being made is the Zakat, in order for the obligation to be properly fulfilled
Time of paying Zakat Zakat must be paid on the day that its due (at the end of the lunar year ) or before it. Failing to pay one’s Zakat as it is due is considered a refusal to submit to the wishes of God
A. To calculate your Zakatable Total add the values of the zakatable assets you own, then subtract the values of your immediate debts (overdraft, credit card, etc., but not mortgage)
B. If your Zakatable Total is equal to or exceeds the value of Nisaab, and is held for a full lunar year, then you must pay Zakat
C. Zakat Amount is 2.5% of Zakatable Total
Calculating Zakat | |
---|---|
Assets and Liabilities | Value |
Cash at home | |
Balance held in bank accounts | |
Resale value of shares | |
Merchandise stock in trade | |
Gold and silver (current value) | |
Value of (or equity in) property held as investment | |
Total of Zakatable assets | |
Deduct liabilities (debts etc) | |
Zakatable Total | |
Zakat Amount |
Ankleshwar Markaz-e-Islami Trust, is one of the most celebrated Islamic institutes in Gujarat, India, catering and imparting Islamic Education to the Muslim students at no cost