Our Islamic scholars have researched the bulk of books to find out an easy way for you to know the calculation of Zakat. However, you might be aware of how to compute the ratio of Zakat, but here are some hidden facts that you were unaware of before reading this article. A widely asked question from our scholars is how to calculate Zakat is now no more a question but an easy and precise guide that beginners can benefit from.
In Holy Quran, many verses declare the obligation of Zakat. Allah SWT announces numerous rewards for those who pay Zakat. Helping the poor with the share of your wealth according to the command of Allah brings prosperity to your wealth and also pleases Allah. But, some of our brothers and sisters are confused about how much they should pay? What is the Nisab of Zakat? What to pay gold, silver, or cash? If many questions like these have tickled your mind, you can satisfy yourself by knowing the answer to them.
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The ratio of Zakat is 2.5%.
Nisab is that minimum amount that makes you obliged whether you should pay the Zakat or not. If you have that amount of wealth according to the Nisab or greater amount, it means now you must pay Zakat. However, if you have less amount, then you are not eligible for acting upon the obligation. To make it clearer, the Nisab is considered applicable for only one year. For example, you have wealth equal to or more than Nisab, you are obliged to pay Zakat in that year, but if next year you have wealth less than Nisab, then you are not obliged to pay Zakat.
The Nisab has different categories. For example, it is different if you have gold and different if you have silver. Besides that, if you have other wealth in cash or property, you have to measure it in the meter of gold and silver.
According to the gold parameter, Zakat is obligatory for those with 87.48 grams of gold or its equivalent amount in cash. You can compute the value of your gold according to the current market value. After that, you can calculate Zakat.
The Nisab, according to keeping standard the silver is 612.36 grams silver or its equivalent amount according to the current market value of silver.
How to calculate the amount of Zakat?
Now, as you know the Nisab and parameter of Nisab, you can easily calculate the amount of Zakat. For example, as we read above, according to the gold standard, one who has that amount of gold or amount must pay Zakat, and also we read about the ratio of Zakat. For example, Nowadays, the per gram price of gold in Pakistan is Rs9640. So the Nisab for gold is 87.48 grams. Now, we will calculate thus:
- Per gram price: Rs9640
- Total gold that an obligatory has: 100 grams
- The amount that gold worth: 100×9640= 964000
- The ratio of Zakat: 2.5%
- Amount of Zakat: 2.5/100×964000= 24100
The payable Zakat amount on 100 grams gold is Rs24100/ year. Similarly, you can also calculate your Zakat by applying the same method on the standard of silver Nisab.
However, the amount is applicable for only one year. It varies with the increasing or decreasing of the total wealth accordingly. The obligation of Zakat is excluded from some sources, which we will be discussing in our next blog on our site.
After reading the article, now you are able to calculate the Zakat and know the Nisab of Zakat. People around the world are increasingly taking an interest to learn Quran and Islam. Here we provide the best service of teaching the Quran and languages.
Muhammad Junaid is a senior Analyst and Search Engine Expert. Extensive experience being a lead writer in Online Madrasa for Kids. Work for years with local and international enterprises. Also, represent well-known brands in the UAE.