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Islam teaches us if we make enough for our sustenance and have a lil more extra bugs, we can give this to the poor and the needy in order that they for whom the daily bread butter/dal roti is tough, they can benefit from it
its simple to calculate zakat if you live in the US like me then as per RTT news
http://www.rttnews.com/Content/Commodities.aspx?Id=1613400&SM=1
price of gold in US as of may 2011 is 1530 USD for 1 ounce , now as per the sunni system if ur wealth is worth 85 grams of gold or more then zakid is compulsory on you so in order to know who qualifies for zakat and who deserves it is done via gold by most as :
converting 1 ounce into grams , 1 ounce = 30 grams so the math would be something like :
1530usd ------ 30 gms
x usd--------85 gms
so x = 1530 *85/30 = 4335 so if u make more then 382 dollars of saving an year in America , 2.5 percent of ur annual saving has to go to zakat , so say of the 40000 dollars u saved 1000 dollars at the end of the year then ur zakat is :
(ur fixed assets + annual earnings saved)*2.5/100 = 25 so u are obliged to give this money to make ur money pak of the evil spiritually inshallah this benefits the seeker if any
salam walaikum WA rehmatuallah he WA barakatuhu
Read more: What does Islam teach us about Zakat
What else can I help you with?
How do I calculate zakat on my salary?
To calculate zakat on your salary, you typically need to determine your total annual income and subtract any necessary expenses. Then, you calculate 2.5 of the remaining amount to determine the zakat due. It is recommended to consult with a knowledgeable individual or use online calculators for accurate calculations.
What is the procedure for deduction of zakat from dividend income?
To deduct zakat from dividend income, first calculate the total dividend received within the zakat year. Zakat is typically set at 2.5% of this total income. After calculating the zakat amount, ensure that any other zakat-eligible assets are also considered, as they may affect the overall zakat obligation. Finally, the calculated zakat should be paid to eligible beneficiaries or charitable organizations.
How can one pay zakat on stocks?
To pay zakat on stocks, one can calculate the total value of their stocks and then give 2.5 of that value as zakat. This can be done annually or whenever the value of the stocks reaches the nisab threshold.
How to pay zakat on gold?
To pay zakat on gold, you need to calculate the value of the gold you own and then give 2.5 of that value as zakat. This is typically done once a year. You can either give the actual gold or its equivalent value in cash to those in need. It is important to ensure that the gold meets the minimum threshold for zakat eligibility.
Can a wife give Zakat to her husband for finishing loan?
no a wife cant give zakat or money of zakat to her husband under the masarif of zakat.
Can syed give zakat to syed?
there are two type of Zakat: obligatory Zakat and Mustahab (recommended Zakat). Recommended Zakat is same as non obligatory donations. Syed can receive non obligatory Zakat from all. but obligatory only from Syed.
What is zakat in Arabic?
It is Zakat in Arabic as well. :)
Zakat on Christians in Pakistan?
No zakat on christians but only Muslims.
Can you pay zakat on assets?
Yes we can pay zakat on our assets.
When was The Zakat Foundation created?
The Zakat Foundation was created in 2001.
Can you pay zakat in instalments?
Yes, Zakat can be paid in installments. This can be helpful if someone is not able to pay the full amount at once. However, it's best to make sure the full Zakat amount is paid within the same Islamic (lunar) year__ it becomes due. Paying in parts is allowed, but the full amount should be completed before the next Zakat year. This helps keep the Zakat obligation complete and on time. Some organizations, like Penny Appeal Canada, allow people to donate Zakat in monthly or custom amounts. According to their Zakat policy, 100% of the donation goes to people in need, with no money taken for administration. They also make sure the Zakat is given to those who are eligible, and they keep the funds in a separate bank account until it's used. Anyone who wants to give Zakat in installments or see which causes are eligible can visit their website: pennyappeal.ca/program/zakat/ If someone is unsure how to calculate their Zakat, it's a good idea to speak with a scholar or contact the organization for help.
What does zakat help to make?
The meaning of zakat is, buying the love of God. If you pay zakat you will get it seven times more than you paid.
