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Definitions
Zakaatable Wealth: The wealth that is
subject to zakaat.
Not every kind
of wealth is subject to zakaat.
Nisaab:
The minimum of zakaatable wealth a
person must possess for that
wealth to be subject to zakaat.
Hawl: A complete lunar year. A
person must own a nisaab of
zakaatable
wealth for a hawl in order for that
wealth to be zakaatable.
This form is to help you calculate your
zakaat for monetary wealth, gold and
silver.
The nisaab for gold is 85
grams (three ounces) of pure gold. The nisaab for
silver is 595 grams of pure silver.
If any currency you have buys you 85
grams of gold or 595 grams of pure silver
then you have the nisaab. For
simplicity you can calculate your zakaat
once a year regardless of the hawl.
Note: There
is a substantial difference between the
nisaab of silver and the nisaab of gold.
When calculating your monetary zakaat,
it is due when the cash value
exceeds the lower nisaab.
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Zakaat
calculation regardless of hawl (the
easy approach)
Print this form in order to fill it out
and do your own calculation.
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Wealth |
Value in US Dollars |
|
Cash on hand and in bank
accounts (saving, checking,
etc.) |
$ |
|
Gold(1)
|
$ |
|
Silver(1) |
$ |
|
Product Inventory(2) |
$ |
|
Stocks |
$ |
|
Current
value of retrievable
financial products i.e.
bonds, annuities.
|
$ |
|
Business account |
$ |
|
Cash
on hand and in banks |
|
|
Total: |
(1) $ |
|
Current outstanding debts
that are due for payment |
(2) $ |
|
Subtract amount in box (2)
from amount in box (1) |
(3) $ |
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Your zakaatable amount is
the answer in box (3). If
the number is less than
$ 280.00(3),
you do not pay zakaat. |
(4) $ |
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Zakaat Calculation 2.5 %
Divide amount in box (4) if
more than $ 280 by 40. The
result is the zakaat that
you must pay. |
$_________ |
please send your
zakaat to:
Loveallah
Notes:
1 Jewelry
from gold and silver are zakaatable
according to some scholars, other
scholars state
that jewelry for daily wear is exempt,
but jewelry worn occasionally or for
investment is zakaatable.
To be safe we advice you to pay zakaat
on jewelry.
2 Some
scholars i.e. A’taa’,Ibn hazem, As-shoukani
believe that product zakaat is paid from
the
selling price upon selling the product.
The amount of zakaat id determined by the seller.
3 Current
price for silver is $0.47 per gram.
0.47X595= $279.65
1 ounce is 28.35 grams
For questions, please
email me
abunour@loveallah.net
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