"Zakat for Humanity: Nurturing the Spirit of Giving."
Zakat is a sacred obligation considered at the core of Islamic Culture. It becomes more than an act of charity regarding its greater purpose to society. That is to bridge the gap between privilege and poverty.
This welfare-sharing among those in despair makes Zakat one of the most beloved acts near Allah.
And perform As-Salat (Iqamat-as-Salat), and give zakat and bow down (or submit yourselves with obedience to Allah) along with Ar-Raki’un.
– Quran (2:43)
How do we give out Zakat?
Zakat is an essential obligation for all Muslims who qualify for the Islamic conditions. It is compulsory for a certain amount of wealth in your ownership for one Lunar Year. This minimum amount of wealth is termed as Nisab. The value of which, when exceeded, at one year marks the time to give out Zakat.
When to pay Zakat?
Many Muslims prefer to give out their Zakat in the holy month of Ramadan, as the blessed month has greater spiritual rewards. Others donate this amount on the anniversary date of when they paid their zakat the last time. According to Islam, any time of the year is appropriate to give out your Zakat. However, it should fulfil the conditions. The asset should increase the Nisab value and complete 1 Islamic year in your ownership.
Who are the Eligible Recipients?
The asnaf are the rightful recipients of Zakat, outlined in the Holy Quran and Hadiths. They are divided into 08 categories according to the required financial assistance. The recipients of zakat are as follows:
- The poor
- The needy
- The Destitute
- Those in debt
- Travellers
It is advisable to consult religious authorities to ensure a rightful distribution of the Zakat amount.
How to Calculate the Zakat amount?
The calculation of the Zakat amount depends upon assessing your viable assets. Eliminating the amount of debt you have and the possessions that are currently in use. The 2.5% of the remaining assets should be calculated for the Zakat donation. Zakat Calculators serve as a great source.
The Nisab value marks the standard minimum amount. If your capital exceeds that amount, Zakat gets applied to it after the completion of 354 days. This makes one lunar year since you last had that amount in your possession.
Usually, the monetary value of Gold and silver is gauged to determine the exact amount. In another case, it can be considered appropriate if you possess any assets or capital that equals this amount.
The value of Gold: 85 grams or more of pure gold.
The value of Silver: 595 grams or more of pure silver.
The Nisab values are subject to change as they fluctuate in the global market. That is why it’s preferable to consult your local mosques or any nearby Islamic financial institutions that are up to date on the market values.
How to donate your Zakat?
One of the most beneficial and convenient ways to donate your zakat is through a reliable Muslim charitable organisation.
