Simplify Your Zakat Calculation
Determining your Zakat seems to be a difficult task. However, it isn’t as challenging as you might think of it. All you need to do is categorise your assets and liabilities in a way that makes it convenient for you to calculate Zakat. To make it even more convenient and quick, use our Zakat Calculator to find out how much you need to pay.
ABF Zakat Calculator has simplified the calculation by dividing assets into items to be considered to pay Zakat for (such as gold, silver, cash, savings, and business assets) and deductible liabilities (including debts and other outgoing payments). Using this breakdown, you can easily calculate Zakat.
Once you assess the value of your net assets, you can determine the amount of Zakat owed. It’s crucial to compare your net assets to the nisab threshold to find out whether Zakat is obligatory.
Give ZakatHow to Calculate Zakat Using Zakat Calculator
Zakat is one of the five pillars of Islam, a means of purifying wealth and helping those in need. Using the ABF Zakat Calculator, you can calculate your Zakat accurately and quickly. Follow these detailed steps to ensure correctness:
- Cash: Include all cash at home, in bank accounts, and liquid assets available to you.
- Gold & Silver: Enter the current market value of all gold and silver you own.
- Properties: Include all properties other than your main residence, such as rental properties or land that can be sold.
- Pensions & Shares: Include accessible amounts from pensions, stocks, and shares that can be converted to cash.
- Other Investments: Include investments such as mutual funds, bonds, or other financial instruments.
- Money Owed to You: Include any debts that others owe you which are expected to be received.
- Business Assets & Debts: Include the value of your business and subtract any business liabilities.
- Unpaid Debts: Subtract any personal loans or obligations that you need to pay.
The calculator automatically computes your net assets and calculates 2.5% Zakat payable.
Tips for Accurate Calculation:
- Include all assets accurately.
- Exclude your primary home, personal belongings, and items used for daily life.
- Double-check any debts owed or to be subtracted to avoid over or under calculation.
- If unsure about any value, refer to current market rates for gold, silver, property, or shares.
Zakat Calculator
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Moments of Impact
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Zakat Explained: Frequently Asked Questions
All Muslim adults who possess assets for over one lunar year are required to pay Zakat.
The Zakat percentage is 2.5% of your total wealth and assets. You can use our Zakat Calculator to determine how much you need to pay.
Zakat is due once your wealth exceeds the Nisab threshold for a complete Islamic lunar year. However, Muslims often opt to pay Zakat during Ramadan to reap countless rewards.
You can pay your Zakat to humanitarian causes like various initiatives Al-Baseer Foundation has been working on to provide relief to those in need. Use the ABF Zakat Calculator, determine the amount you owe, and proceed by choosing a cause to help the well-deserving.
Debts are subtracted from one’s total wealth. If the remaining amount still exceeds the nisab threshold, Zakat is obligatory; otherwise, it is not.