IslamicFinder Online Zakat Calculator 2024 provides you a step by step method to calculate Zakat on your assets.
Step 1: Enter the
Value of Nisab in your local currency. According to Sharia Law, Nisab is the
minimum amount a person possesses for over a year in order to be obliged to pay
Zakah. You can calculate nisab in terms of either Gold or Silver value. For
Silver, the standard nisab is 21 ounces of silver (612.36 grams) or its
equivalent in cash. For Gold, the
standard nisab is 3 ounces of gold (87.48 grams) or its cash equivalent. (Note:
check the value of gold and silver in your local currency)
Step 2: In the
next step, add the quantity of Gold and silver that you have possessed for more
then a year and its price per 10 gram in your local currency. Each type (in
Carats) of Gold you possess must be added separately as their values are
different.
Step 3: In this
step, add the values of Cash, Properties and stocks in your possession for more
then a year as Zakat is applicable on them as well.
Step 4: In this
final step, you need to add your debts and liabilities, the payments that are
due on you and debts that you have to give. These amounts are subtracted from
your assets/possessions in the final calculation to determine the Zakah
obligatory on you.
Step 5: After
completion of the steps above, a summary appears which tells you whether you
are eligible to pay Zakat and, if you are, the zakat that you have to pay
appears. The payable zakat is 2.5% of your overall possessions. You will also
have the option to print this summary to keep a record of paid Zakat every
year.
Another type of Zakat that is Wajib (compulsory) on Muslims
is Zakah al-Fitr, often referred to as Sadaqah al-Fitr. The word Fitr means the
same as Iftar, breaking a fast and it comes from the same root word as Futoor
which means breakfast. Thus, Islamically, Zakah al-Fitr is the name given to
charity which is distributed near the end of Ramadan. The amount of Zakah is the same for everyone
regardless of their different income brackets. The minimum amount is one Saa`
(two handfuls) of food, grain or dried fruit for each member of the family.
This calculation is based on Ibn Umar's report that the Prophet (PBUH) made
Zakah al-Fitr is compulsory and payable by a Saa` of dried dates or a Saa` of
barley. The Companion, Abu Sa`eed al-Khudree said,
"In the Prophet's time, we used to give it (Zakah
al-Fitr) as a Saa` of food, dried dates, barley, raisins or dried cheese."
(al-Bukhari - Arabic/English vol. 2, p.
340, no. 582)