What is zakah In Arabic zakah means purification growth and blessing It is a charitable practice that requires all able adult Muslims those who meet the requirement of nisab ID: 758113
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Slide1
Zakah Overview
In the name of Allah, the most mercifulSlide2
What is zakah?
In Arabic,
zakah
means purification, growth and
blessing
It is a charitable practice that requires all
able adult
Muslims (those who meet the requirement of
nisab
) to contribute a fixed portion of their wealth to help the needySlide3
What is nisab?
Nisab
is the minimum amount of wealth a Muslim must
have to
be eligible to contribute
zakah
.
Nisab
is equivalent to the value of three ounces of
gold
~
$
4,800Slide4
Who can my zakah be given to?
According to the Holy Qur’an (9:60), there are eight categories of people who qualify to be beneficiaries of
zakah
:
The poor
The needy
The
collectors of
zakah
Those
who hearts are to be won
over
Captives
Debtors
In
the cause of Allah (
swt
)
TravelersSlide5
When to pay?
Once a year, typically in Ramadan to maximize rewards
Year end
After filing taxes and knowing return valueSlide6
What should I pay Zakah on?
Cash
Investments (stocks, mutual funds, bonds, property, 401k, etc)
401k
Zakah
is
mandatory
yearly on amount left after penalty and Tax (assuming you were to take it out)
Jewelry (which
you do not regularly
wear)
InventorySlide7
What’s the difference between zakah and
sadaqah
?
In the language of the Holy Qur’an,
zakah
and
sadaqah
are the
same
In
practice, however
,
sadaqah
is the term used to indicate voluntary charitable giving while
zakah
is
obligatorySlide8
Calculation
Zakah
=
((
cash +
inventory
+ money owed to you from capable
people)
- money
you owe “not including mortgage”))
It is very important to make a good effort in doing a correct calculation and you might want to add some on top just in case (5-10%)
There are a few calculators on the Internet which you can use:
http://zakat.110mb.com/index.php?p=1_4_Download-
Now
http
://www.islamic-relief.com/zakat/
calculator.aspx
http
://www.islamic-relief.com/seasonal/ramadhan/zakat-
calculator.aspx
http
://www.hidaya.org/zakat-
calculator
http
://welcome-back.org/zakat/
calc_comp.shtmlSlide9
Resources
Calculating
Zakah
on Long Term Investments:
http://www.zakatguide.org/english/Cal_Zakah_%20Long-Term_Investments.html
The Calculation of
Zakah
for Muslims in North America:
http://www.kantakji.com/fiqh/Files/Zakat/The%20%20Calculation%20%20of%20%20Zakah.htm