“Those in whose wealth there is a recognised right for the needy and the poor” (Quran 70:24-25)
WHAT IS ZAKAT & WHO SHOULD PAY IT?
Zakat is a fundamental pillar of Islam. A compulsory act of worship that has the power to change lives for the good. For it requires all Muslims with wealth over a certain threshold (Nisab) to donate 2.5% of their wealth to those who fall into one or more of eight categories designated by God in the Quran.
WHO NEEDS TO PAY?
To pay Zakat you must be a Muslim, an adult who has reached puberty and of sound mind (according to the Shafi’i, Hanbali and Maliki schools, Zakat must be paid on that wealth owned by those of unsound mind and children).
WHAT IS NISAB?
The Nisab was set by Prophet Muhammad (PBUH) at a rate equivalent to:
• 87.48 grams of gold
• 612.36 grams of silver
To find out the current monetary value of the Nisab limit, it is necessary to establish the market rate for a gram of gold and silver. You can use our Zakat Calculator which will automatically give you the correct Nisab.
If a Muslim’s net annual savings fall below the Nisab, he or she is exempt from paying Zakat. If you only have gold as an asset, then the Nisab measure for gold must be used. However, if you have a mixture of assets, using the Nisab value for silver is advisable according to some scholars as it is more beneficial to the recipients. Although other scholars maintain that gold should be used regardless.
YOUR ZAKAT IS IN SAFE HANDS
Donate your Zakat easily on this page, or call our donation hotline 0207 060 4422.