To fulfil the obligation of Zakat, Muslims must pay 2.5% of their wealth to charity. Keep reading to find out more details about paying Zakat.
Zakat is an obligation upon every able Muslim, and by doing so, you complete this Pillar of Islam. Charity in Islam is very important, and this can be seen through Prophet Muhammad's (PBUH) teachings and actions. Being generous and charitable like he was is a way of following the Sunnah and holds rewards for us.
In Islam, there are different types of charity, such as Zakat, Lillah and Sadaqah, but Zakat is the only compulsory one, and it must be paid on a yearly basis. Charity is very important, as seen in many hadiths, including the Prophet, upon him, be peace, said: “The believer’s shade on the Day of Resurrection will be his charity.” (Al-Tirmidhi)
It is important to note that there are requirements for paying Zakat in terms of who can pay it and what you pay it on.
There are three conditions that a person must meet to pay Zakat. They must be:
Aside from these three conditions, for a person to be financially capable of paying Zakat, they must have reached or exceeded Nisab – the minimum amount of wealth possessed by a person to consider them wealthy. Nisab changes and fluctuates, so it is important to check an up-to-date calculation of the Nisab amount before seeing if you are eligible to pay Zakat.
As seen in the Qur’an, the following people can receive Zakat: ‘Charity is for the poor, the needy, those employed to administer it, those whose hearts have been (recently) reconciled (to the truth), the enslaved, those in debt, those who strive in the path of Allah and the wayfarer. An obligation from Allah, and Allah is the Knowing and the Wise.’ (Surah al-Tawbah, 60).
Muslims must pay 2.5% of their wealth to charity for Zakat every year. This is assuming that they are Muslim, adult and sane, as well as having Nisab.
It is important to correctly work out the exact amount you need to pay as this is an obligatory form of charity. Some Muslims choose to pay slightly over the amount they have worked out to be safe and ensure that they do pay enough.
2.5% of £1,000 is £25. This would be the Zakat one must pay on £1,000. However, if they own other assets such as gold, silver and stock, they must work out the Zakat they need to pay on this, too.
If someone owned £10,000 cash, they would need to pay £250 in Zakat (2.5%).
Gold is often used to calculate Nisab, while silver is more commonly used for this. Zakat must be given on both gold and silver, as well as other assets mentioned above, such as stock and cash.
To work out how much Zakat to pay on gold, you can use the Zakat Calculator on the Muslim Aid website. This enables you to calculate your Zakat on your assets and properties.
You can pay your Zakat this year with Muslim Aid by clicking here. Muslim Aid has and still ensures that your Zakat donations go to the people who need it the most. Your Zakat payment can help people suffering from poverty, widows, orphans, refugees and people who have been displaced by providing shelter, food and water.
The Prophet Muhammad (PBUH) said in a hadith, “Do not show lethargy or negligence in giving alms and charity till your last breath.” (Bukhari and Muslim).
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