🦊 Rules Of Paying Zakat

Zakat Rules for Gold and Cash. Zakat rules dictate that your wealth must exceed the nisab threshold after your monthly bills have been deducted. Nisab is calculated to the current market value of 612.36g of silver or 87.48g of gold. You must hold your wealth for a full Islamic year (Hawl) before you are required to pay Zakat. If the pension portfolio only consists of equities, NZF advises taking 25% of the current market value of the portfolio as a proxy and then paying 2.5% of this figure as Zakat. According to our research, 25% is a safe proxy for Zakatable assets in equities. This rule of thumb was determined after extensive research. then you will pay Zakat yearly on the market value of the stock (share) or the portfolio, as well as the dividends. If you sell these stocks (shares) during the year, you will add the amount received from sale to your liquid assets and pay Zakat according to general rules of Zakat. Zakat, one of the five pillars of Islam, is obligatory on all Muslims who meet the Nisab values.Nisab is the minimum amount of net capital that a Muslim must possess in order to be eligible to pay Zakat, which is prescribed as the equivalent of 87.48 grams (7.5 tola) of gold and 612.36 grams (52.5 tola) of silver, respectively. I hope that you can answer the following questions. 1. The amount of zakat al-fitr that I must pay. Please note that I have approximately 1500 dinars in the bank. 2. Should I give zakat al-fitr on things that I own, such as my own car, the furniture in my house, and my wife’s gold; moreover my father said to my siblings that he wanted to Zakat is an act of worship like other acts of worship by which a Muslim gets closer to Allaah and it is one of the rights of Allaah so it is not permissible for a Muslim to pay the Zakat in a way to benefit from it himself and save his own money. Therefore, it is not permissible for you to pay the Zakat of your own money to someone who borrowed Fuqaraa: Those who own property in excess of basic necessities but below the value of Nisab. Masakeen: Persons of extreme poverty who possess no wealth whatsoever. Aamileen: (Zakat collector) Those persons who are appointed by an Islamic Head of State or Government to collect Zakat. It is not necessary that this be a needy person. Zakat in wealth is the third pillar of Islam. It is obligatory upon Muslims whose annual income has exceeded the Nisab threshold. They are obliged to pay only 2.5% of their earnings to the poor and the needy once a year. Zakat-al-Fitr is paid at the end of Ramazan before Eid-ul-Fitr congregational prayer and is also a compulsory deed upon Muslims. Islamic Relief makes paying Zakat online easy. Find out more about the significance of giving Zakat donations. Donate today and help save lives. iTpmC5.

rules of paying zakat