What is Zakat?
- Zakat is an act of worship and a means of purifying one’s wealth.
- It is the giving of 2.5% of your annual wealth to charity.
- It is one of the five pillars of Islam and it’s compulsory for all eligible Muslims.
How much is Zakat?
- Every Muslim who is sane, has reached an age of maturity and has above the minimum required amount of wealth (Nisab) is required to pay Zakat.
- Zakat is 2.5% of a person’s total cumulative wealth in one lunar year. The Nisab is the minimum amount of wealth a Muslim must possess before they become eligible to pay Zakat.
- This amount is often referred to as the Nisab threshold. Gold and silver are the two values used to calculate the Nisab threshold. The Nisab is the value of 87.48 grams of gold or 612.36 grams of silver.
Fidya
If you miss or break any fasts during Ramadan you may need to pay Fidya or Kaffarah.
For fasts missed through ill health or pregnancy, which cannot be made up afterwards for legitimate reasons then you need to pay Fidya.
If fasts are intentionally broken, and you can’t fast for 2 months as compensation, then you need to pay Kaffarah.
A study by IIDR
We’ve teamed up with The Islamic Institute of Development and Research (IIDR), a leading institute in Quranic studies, to give you a full breakdown of everything you need to know about Zakat.
Everything from why we pay zakat to the amount owed to the poor is all covered in this in-depth study.
