Introduction
Zakat is one of the five pillars of Islam, a religious obligation aimed at purifying wealth and helping the poor and needy. However, how to calculate Zakat might not be clear for some. In this guide, we will explain the correct method of calculating Zakat according to Islamic teachings.
What Are the Conditions of Zakat in Islam?
For Zakat to be obligatory, the following conditions must be met:
- Reaching the Nisab: The minimum amount of wealth required for Zakat to be due.
- Completion of One Lunar Year: The wealth must be held for a full Islamic year.
- Wealth Growth: The wealth should have the potential to increase, such as gold, silver, or business assets.
- No Outstanding Debts Covering the Wealth: The wealth should exceed basic needs and liabilities.
How to Calculate Zakat: The Correct Method
- Zakat on Money: 2.5% of the total wealth if it reaches the Nisab.
- Zakat on Gold and Silver: If gold reaches 85 grams or silver 595 grams, 2.5% must be given as Zakat.
- Zakat on Trade Goods: 2.5% of the stock value at the end of the lunar year.
- Zakat on Crops: 10% if irrigated naturally (by rain) and 5% if irrigated artificially.
Conclusion
By following this correct method for calculating Zakat, a Muslim can fulfill this obligation as prescribed by Allah. Ensure to calculate your Zakat annually for blessed and purified wealth.
