How to Calculate Zakat 2022

One of the 5 Pillars of Islam, Zakat is a basic part of being a Muslim. Meaning purification, Zakat is the act of charitable a set percentage of your total wealth to assistance each lunar year and is required of every sane, adult Muslim whose accumulate wealth exceed the current Zakat nisab value. It is the month of Ramadan, and at this time many of us are wonder how to calculate Zakat. Giving out zakat is an obligation for all entitled Muslims. But admittedly, formulating how much you require to pay for your zakat can be confusing.

How to Calculate Zakat 2022

How much is Nisab for Zakat 2022

Silver – the value of 612.36g of silver

Gold – the value of 87.48g of gold

To simplify the rules approximately paying zakat, use the Nisab values for 2022 then enter your personal values into the calculator to decide your Zakat contribution. The nisab value is in a straight line related to the present values of gold and silver and in the Holy Qur’an, the nisab value is described as 612.36g of silver or 87.48g of gold.

  • Gold and silver
  • Cash held at home or in bank accounts
  • Stocks and shares owned either directly or through investment funds
  • Money lent to others
  • Business stock in trade and merchandise
  • Agricultural produce
  • Livestock animals such as cows, goats and sheep
  • Pensions
  • Property owned for investment purposes

NISAB VALUE (as of 24/03/2022)

  • (Silver) 612.36g equating to £324.98
  • (Gold) 87.48g equating to £3903.52

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There are contemporary scholars inside the Hanafi School who recommend using the gold standard, particularly in today’s age where the cost of living is high and the value of silver has considerably decreased. Zakat helps a person admit that everything comes from the Almighty and that we do not actually own anything ourselves. Nisab is the least amount amount of wealth that acts as a sill to determine whether Zakat is compulsory on you.

Paying your Zakat

  1. The poor
  2. The needy
  3. Travellers in need
  4. Those in debt
  5. Those being held against their will or in slavery
  6. New Muslims and friends of the Islamic community
  7. Those in the cause of Allah
  8. Administrators of Zakat