Offering Zakat is one of five pillars of Islam. However, the amount of Zakat owed is often the subject of great discussion. So we have put together a very handy Zakat Calculator that will enable you to calculate your Zakat correctly.
Zakat is a mandatory duty on all able Muslims who meet nisab values. There is no ambiguity as to the rate at which Zakat should be calculated; 2.5% of all net savings one possesses that is above the nisab value. Net savings is total maintained wealth for one lunar year before Zakat is due.
Nisab is the exemption limit for the payment of Zakat. If a Muslim’s net yearly savings falls below this amount, he or she is exempt from paying Zakat. Only those people whose net capital exceeds the nisab values are obliged to give zakat. The nisab amount is calculated based on the current value of 3 ounces of pure Gold.
For 2017, the Nisab Values using the value of Gold are £2948.35. For those who wish to calculate it using the value of Silver, that amount is £267.90. (Last Updated 24/03/17)
Keep in mind that in addition to cash, Zakat is also owed on gold, silver, investments, rent income, business merchandise and profits, shares, and bonds. Any of these must be taken into account when determining the Zakat amount.
Muslim Aid has made the entire process of calculating Zakat extremely simple and straightforward. Our newly designed and updated tool does all the calculations for you. All you have to do is enter a few numbers and the calculator factors in the rest. We have worked very hard to ensure accuracy. With so many variables involved in determining how much Zakat is owed per individual, there is a tendency to unintentionally overlook something or add something needlessly. The Zakat Calculator from Muslim Aid eliminates these frustrations altogether and will show you exactly what you owe this year.
Below are a few quick features of our Zakat calculator.
We hope that you will find this calculator from Muslim Aid beneficial and helpful and we hope you will continue to use this Zakat Calculator in your future calculations.