Paying Zakat

Zakat is required to be paid by all sane Muslims of pubescent age, who possess the nisab (threshold) amount or it’s equivalent after one lunar year has passed from the day the nisab was first acquired and the threshold (or above) is possessed at the end of the lunar year.

 

Zakat anniversary/date is when you first acquired the nisab and is not fixed in Ramadan as a default. You can however, choose to fix it in Ramadan if you have no idea of your zakat anniversary/date. 

 

Zakat is paid on the following when the nisab is reached:

 

1. Gold

2. Silver

3. Savings (cash or money stored in bank)

4. Trade goods (includes all types of merchandise intended for profit)

5. Shares

 

What is nisab?

Zakat is calculated based on a certain amount of gold or silver. This is as follows:

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Gold: 87.47g

Silver: 612.29g

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With current values (April 2023) this is as follows:

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Gold = £4,539.34

Silver = £398.03

 

If you need help with your zakat calculation, contact us on admin@baytul-mal.org