Zakat Calculation Formula:
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Zakat is one of the Five Pillars of Islam, an obligatory form of almsgiving for Muslims who meet the necessary criteria of wealth. It's calculated as 2.5% of a Muslim's total savings and wealth above the nisab threshold.
The calculator uses the standard Zakat formula:
Where:
Note: Zakat is only payable if your wealth has been above the nisab threshold for one full lunar year (Hawl).
Details: Zakat purifies wealth, supports the less fortunate, and strengthens the Muslim community. It's a religious obligation for those who qualify.
Tips: Enter your total wealth in PKR and the current nisab value (default is 88,000 PKR based on silver standard). The calculator will determine if you owe Zakat and how much.
Q1: What is included in total wealth for Zakat?
A: Cash, gold, silver, investments, business merchandise, and other liquid assets. Personal items like home, car, and furniture are generally excluded.
Q2: What is the current nisab value?
A: As of 2023, the nisab is approximately 88,000 PKR (based on 612.36 grams of silver). This value changes with silver prices.
Q3: When is Zakat due?
A: After one lunar year (Hawl) of possessing wealth above the nisab threshold. Many Muslims pay during Ramadan.
Q4: Who is eligible to receive Zakat?
A: The Quran specifies eight categories including the poor, needy, those in debt, travelers, and those working to distribute Zakat.
Q5: Can I pay Zakat in advance?
A: Yes, you can pay Zakat in advance if you expect to reach the nisab threshold by the end of your Zakat year.