CENTRALIZED ZAKAT

CENTRALIZED ZAKAT

ZAKAT

Understanding Zakat Giving

Is the third pillar of Islam and is a mandatory charitable giving obligation for Muslims who meet certain criteria. Here’s a simplified overview of how Zakat works

Wealth threshold

Muslims who possess wealth above a certain threshold (called Nisab) are eligible to pay Zakat.

Nisab

The Nisab is the minimum amount of wealth required to be eligible for Zakat. It is usually calculated based on the value of gold or silver.

Types of wealth

Zakat is payable on various types of wealth, including

 

Cash and savings

– Gold and silver
– Livestock
– Crops and agricultural produce
– Business inventory and assets

Calculation

A Pillar of Compassion

Zakat is a vital Islamic obligation that fosters compassion, supports the needy, promotes equality, and strengthens communities for a better future.

  • Zakat rate

The standard Zakat rate is 2.5% of the total wealth.

  • Calculation

Muslims calculate their Zakat by multiplying their total wealth by the Zakat rate.

You can make a big difference in someone’s life.

Donate

Timing

Lunar Calendar and Zakat

Zakat is typically paid during the month of Ramadan, but it can be paid at any time during the lunar year.

Zakat is an annual obligation, and Muslims are expected to pay it every year if they meet the eligibility criteria.

Zakat Lene wale ko Zakat dene wala banaye

Importance

  • Purification: Zakat is considered a means of purifying one's wealth and soul.
  • Social welfare: Zakat plays a vital role in promoting social welfare and reducing economic inequality.
  • Spiritual growth: Paying Zakat is considered an act of worship and a means of spiritual growth.