Zakat Calculator — Accurately Calculate Zakat on Gold, Cash and All Assets
Zakat Calculator
Zakat is 2.5% of your net zakatable wealth, provided it exceeds the Nisab threshold for a full lunar year (Hawl).
Zakat is among the five pillars of Islam and as such, it is a compulsory form of worship by way of wealth. This is the simplest zakat definition: obligatory giving out of 2.5 per cent of qualifying wealth to the needy provided that qualifying wealth satisfies a minimum number required called nisab and that it has been possessed over one full year lunar year (hawl). According to the Quran, Allah ï·» says: Take a charity out of their wealth by which you purify them and make them increase (Surah At-Tawbah 9:103). Zakat is not a voluntary sadaqah – it is the divine right of the poor in the hands of the rich and failure to perform this duty is heavily warned both in the Quran and the Hadith.
The above-calculator of Zakat is meant to assist every Muslim in calculation of Zakat in seconds. All you have to do is key in your gold, silver, cash, savings, investment, business assets, deductible liabilities and the tool automatically takes care of the 2.5% rate on net zakatable wealth. You may require a zakat on gold calculator, or you may require a disaggregation of zakat on cash, or you may require an integrated evaluation of all your holdings, and this one tool is good enough to cover all the requirements both by the Hanafi and Shafi methodologies.
You must first find out whether or not your fortune is sufficient to produce Zakat, i. e. whether it is nisab or not. Prophet Muhammad ï·º had a price of 20 Mithqaal of gold or the equivalent of 200 Dirhams of silver as the equivalent of 87.48 grams (7.5 tola) of gold and 612.36 grams (52.5 tola) of silver.
One pays Zakat at 2.5% of their wealth exceeding nisab that is equivalent to 85 grams of gold and nisab is the minimum wealth that one must possess before they can be obliged to pay zakat. And, when your total net assets (after subtracting debts and the basic living expenses) contain or exceed this nisab gold amount on your Zakat Due Date, Zakat is fard (obligatory) against you.
Important ruling:Â
When an individual only has gold, then the amount of nisab level of gold (87.48 grams) should be applied. But when there is an assortment of assets owned (such as 1 or 2 tola gold, 10 tola silver, 5 thousand rupees, etc.), the (lower) level of the silver nisab (current value of 612.36 grams of silver) has to be applied. It is a very important difference that has not been explained by the majority of online calculators.
Step-by-Step Calculations: How to Calculate Zakat on Gold
Gold is currently one of the most prevalent types of wealth attended by Muslims in South Asia and Middle East. It is necessary to know how to calculate zakat on gold in the right way, as mistakes, either underpayment or overpayment, can influence the validity of this pillar. So, could you be saying how do you calsulate zakat on gold because that is how you would do it with our zakat on gold calculator:
The scholarly difference of opinion on the issue of whether the gold jewels used on a regular basis must pay Zakat is divided. Zakat is not, according to most scholars, due on gold which is used to adorn an individual in an ordinary way (e.g., rings and bracelets), without it being put into savings. But when, the gold is lying down or when it is not put to use, then, Zakat is owed on the gold. The Hanafis, however, decide that Zakat is payable on all gold, whether spent or not, a very popular decision in Pakistan, India and Bangladesh. Our zakat on gold calculator will enable you to wear or leave worn jewelry depending on your madhab.
Zakat on Cash Bank Accounts and Liquid Assets
Zakat on cash is the easiest to calculate and the most common calculation that is done wrong. Computation of zakat on cash is highly easy. To begin with, add up the total cash during the last year that you possess, both in the bank, private, and cash that is owed to you. Get any money you owes other people or owes, and any money outgoing you have, then compute how much money you have. When this is higher than the nisab level, then you are required to pay zakat which is a reminder of the net cash you own multiplied by 2.5 percent.
Zakatable cash will comprise:
- Â savings, fixed deposit, current accounts, cash on hand,Â
- money lent to others (which is supposed to be refunded),Â
- received Mehr and provident fund balances.Â
Other non-zakatable properties are:
- your home property,Â
- personal car,Â
- home furniture,Â
- attire and trade equipment.
Zakat Al-Fitr (Zakat Eid Fitr) — Fitrana Before Eid
Although the above calculator is based on Zakat al-Mal (which is a wealth-based Zakat), it is also essential to know about Zakat al-Fitr which is a different compulsory charity at the end of Ramadan. Fitrana (or Zakat al-Fitr) is a charity of food which is obligatory to give before taking the prayer at Eid, before the month of Ramadan ends, in the name of Allah. Zakat al-Fitr is obligatory to all self-sufficient adult Muslims.
Zakat Eid Fitr does not depend on nisab or percentage of wealth as compared to Zakat al-Mal. Zakat is paid in equal amounts by all people irrespective of the various income levels. The amount of food, grain and dried fruit per person of the family must not be less than one Saa’ (two handfuls). This is calculated following Ibn Umar when he reported that the Prophet ï·º had made Zakat al-Fitr obligatory that was paid as a Saa of dried dates or as a Saa of barley.
The main dissimilarities between Zakat al-Mal and Zakat al-Fitr are
| Zakat al-Mal | Zakat al-Fitr | |
|---|---|---|
| Obligation | Only on those who meet nisab | On every Muslim with excess food |
| Rate | 2.5% of total qualifying wealth | Fixed amount (~$10–$15 per person) |
| Timing | Any time after completing one lunar year | Must be paid before Eid prayer |
| Paid For | Yourself only | Every household member including children |
| Purpose | Purification of wealth | Purification of fasting & feeding the poor |
Ibn Abbas (may Allah be pleased with him) has given the account: the Messenger of Allah ï·º made out Zakat al-Fitr so as to cleanse the person fasting because they might utter unseemly words or deeds, and to give food to the poor. The spiritual and social aspects of Zakat al-Fitr are fixed by using this Hadith (Abu Dawud and Ibn Majah) thus, it is a mandatory act of Zakat Donation that no Muslim household should skip.
Make Your Zakat donation Count
Each Zakat donation payment is a form of worship which cleanses the materials you have and enhances your iman and satisfies the rights of the less fortunate. Zakat is a spiritual and social objective. It cleanses money, gives gratitude, and makes the person who gives it come even nearer to God, reminding this person that money is a gift of God. Socially, Zakat helps to eliminate poverty, enhance justice, and create the sense of shared responsibility through the redistribution of the wealth to help the needy.
Notwithstanding that you may apply Zakat any time of the year, many Muslims prefer to send their Zakat during the Holy month of Ramadan. This is because rewards and blessings of giving during this month are much higher than any other month of the year.
Calculate your exact amount of Zakat today using our Zakat calculator above and then make your Zakat donation with confidence knowing that all your money has been calculated as per the Quran, Sunnah and scholar consensus.
