What is Zakat?
Zakat is one of the five pillars of Islam. It actually means purification of the possessed wealth by distribution of a prescribed amount to the indigent, poor, captives or slaves and wayfarer.
Do I have to pay Zakat?
Paying Zakat is mandatory if:
What is the value of the Nisab?
Nisab is the minimum wealth value that is to be held for Zakat to become applicable. In terms of pure gold, Nisab is 87.5g pure gold or its money equivalent. It is to be noted that Zakat is payable for all types of wealth which include silver, bank accounts, shares and stocks etc.
How much Zakat should I pay?
The value of Zakat is measured as 2.5% of most types of wealth. There are however, two conditions which are to be fulfilled by the wealth for Zakat to be payable. First, the value of the wealth must be greater than the value of Nisab and second, the wealth must be in possession for at least 1 year.
When should I pay my Zakat?
Zakat can be paid at any time during the year of calculation. Most of the people choose to pay Zakat at the month of Ramadhan. However, the payment can also be spread over the entire year during which Zakat is calculated.
How can I donate my zakat?
Zakat is donated in the same way as general Sadaqah. However, it is mandatory to mention that the payment made is for Zakat. It can be donated over the phone or using the internet or via post. During online payment, if the fund becomes eligible for Zakat, an option is provided to specify the type. If the fund is not eligible, the option for specifying the type is not provided.
How can I give my Zakat monthly?
Monthly Zakat payment is very easy. You need to first calculate the total Zakat payment and then divide the amount by 12 and set up a regular monthly gift by specifying it as Zakat. One thing that needs to be remembered is that Zakat payment cannot be monthly for previous years. Monthly mode can be chosen only for the coming year.
How is Zakat money spent?
Zakat is always spent as mentioned in Qur’an:
“Alms are for the poor and needy, and those employed to administer the (funds); for those hearts have been (recently) reconciled (to Truth); for those in bondage and in debt; in the cause of Allah; and for the wayfarer.”