In reality, the believer knows that nothing really belongs to them, but everything we own is in fact a trust from Allah Most High. Zakat is the 3rd pillar of practise in Islam, it is the compulsory purifying alms which applies to certain types of wealth. It is the right of the needy to receive this wealth.
Due to corruption in society related to money and wealth, our wealth becomes tainted and requires purification. Our entire wealth is therefore taken into account for the purpose of purifying what we have been blessed with and as a moral responsibility to provide to the needy in society and relive the suffering of millions.
A small contribution from every qualifying member of society, given to the poor helps to reset an economic balance and bring annual relief for the poor.
A minimum rate of 2.5% is required from any qualifying individual’s wealth once per every lunar year, so long as they own over a certain amount known as the nisab. If an individual does not own an amount equal to a nisab, then they are exempt from paying Zakat.
What is the nisab value today?
A nisab today is equivalent to 85g of pure gold or 595g of pure silver. Both values are used to calculate the threshold of nisab. Today, this translates as the following:
Approx £3432.72 of gold
Approx £361.29 of silver
What about my Zakat?
Calculate your Zakat by adding together all of your unused wealth such as savings and assets such as gold. Calculate 2.5% of this value. This is the amount you need to pay as Zakat.
Please note – Wealth accumulated throughout the year which has been spent does not need to be included in your calculation. Only unspent wealth qualifies for Zakat.
Who can I give my Zakat to?
You can’t just give Zakat to anyone, there are detailed rules and regulations outlined in the books of Fiqh relating to Zakat in order to protect it’s purpose for the ones in which it is intended for. Please specify your donation as ‘Zakat’ when making your donation in order for us to allocate your donation according to the rules of Fiqh.
Living in cultures in which capitalism drives up the wealth of those already in possession of it and widening the gap between rich and poor, Zakat is arguably needed now more than ever to assist in reestablishing a balance and narrowing that gap! Just consider the impact if the 50 most wealthy people in the world were to give away only 2.5% of their wealth to the poor…
Revive Darul Arqam guarantee that your donation is distributed only to Zakat eligible impoverished individuals and also, reaching those who are largely unreachable!