Zakat

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Zakat

What is Zakat?

‘Take from their wealth so that you might purify and sanctify them.’ (The Holy Qur’an, chapter 9, verse 103)
  • Zakat is recognizing the blessings and wealth which Allah has bestowed upon us
  • It is a religious obligation for any Muslims who has reached puberty, is sane and has above the minimum required amount of wealth (nisab)
  • It involves giving a set amount of 2.5% of one’s wealth to those in need

Who Receives my Zakat?

  • 1) The Poor & the Needy – These people may have some wealth, but not enough to make up the nisab.
  • 2) The Destitute – Such people have nothing other than the very basic necessities; they are worse off than the poor and needy.

Zakat cannot be used to build mosques, to bury the deceased, or to clear the debt of the deceased.

Your Zakat is distributed by Global Rahmah Foundation to those in need, to our brothers and sisters to remind them that they are not forgotten. Your zakat will see them on their way to becoming happier, healthier and better adjusted, so they may become the zakat givers in their future, not the receivers.

Am I obligated to pay Zakat?

  • Zakat is payable on one’s nisab. It should be calculated on any surplus wealth you have had for at least one lunar year. Items one must pay Zakat for
    are:
  • Gold, silver, precious metal, including ornaments/ jewellery containing gold/silver.
  • Stocks and shares.
  • Money you have lent to others.
  • Cash in bank accounts, committees or at home.
  • Any business stock.
  • Agricultural produce and livestock (cows, chickens, goats etc).
  • Pensions.
  • Property you own for investment purposes.

How do I Calculate How Much Zakat I Owe?

  • The easiest way to calculate your Zakat is by finding the monetary value of each type of wealth, then calculate 2.5% of the total sum. Use the GRF Zakat calculator to work out your Zakat for this year.
ZAKAT CALCULATOR

Bank Savings
Use lowest amount held for 1 year

Gold & Silver
Monetary value

Money owed to you
Deposits, loans you made

Resale value of shares, stocks, bonds, etc.

Total

Zakat Total (2.5%)

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