Zakat is a spiritual act of systematic giving to the poor and less fortunate people by the rich. Due to this reason often Zakat is misunderstood by many people as mere charity. However, this perception is entirely wrong. Calculate Zakat with Our Online Zakat Calculator
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Zakat is not a gift given to the poor on one’s sweet will but is an obligatory giving in Islam. Zakat is the right of the poor and the rich Muslims are bound to give Zakat to fulfill the religious obligation.
Paying Zakat has immense benefits as the giver is rewarded by the Almighty Himself. The Prophet (SAW) said :
“Whoever gives away charity the size of a date, which is earned lawfully, since Allah only accepts the good lawful things, Allah will indeed take it with His right Hand and cause it to grow for its owner, just as one of you raises up his colt, to the point that the charity will become like the size of a mountain.” [Al-Bukhari]
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Assets that are Eligible for Zakat :
A Muslim is required to give Zakat on their assets and personal money. Thus, basic necessities like home or car are excluded from Zakat.
Here is a Brief Overview of the Assets that are Liable for Zakat :
- Cash in savings, in the bank or at home.
- Funds that are saved for special purposes like wedding, hajj, or investment in property.
- The monetary value of gold and silver.
- The value of business shares estimated against the current market value.
- The value of the stock that you hold to run a business.
- The value of rental income from owned property, apartment, villas or cars.
The Following Assets are Exempted from Zakat :
- Your personal items like clothing and household appliances.
- Money owed to others like debt, mortgage or loans.
- Outstanding bills in the month that you are due to pay Zakat.
Assets that are Exempted from Zakat for Business Owners :
- The rates, salaries, bills or rent that are used to run your business.
- Short or long term loans or business overdrafts.
Zakat on Gold or Silver Jewelry :
- Jewelry that is held at hand as an accumulation of wealth and the owner does not intend to use it.
- Ornaments which are in the personal use of a woman.
- Gold or silver items such as showpiece used for house decoration and utensils.
Use Our Online Zakat Calculator :
Transparent Hands is a Medical Trust Organization in Pakistan, that funds surgeries for poor patients for free. This organization has worked with utmost sincerity and transparency for the betterment of public health since its inception, and now wants to ensure that every generous giver is able to calculate its Zakat without any hassles. Calculate Zakat with Our Online Zakat Calculator
Thus, Transparent Hands has introduced an online calculator to make our Zakat calculations easier. This online calculator is a simple tool where you are required to insert the following information :
- Bank Savings (amount held for 1 year)
- Credits (money owed to you)
- Loans (money you owe to others)
- Value of shares/stocks/bonds
- Amount of Gold/Silver (Monetary Value)
- Nisaab of silver
The online Calculator, will do the Zakat calculations for you after you have provided all the information. It is not a sin to pay more Zakat but paying less than the required amount is unacceptable.
Therefore, it is recommended to use the Transparent Hands’ online Zakat calculator to ensure that your Zakat Calculations are 100% error free.
Download our Transparenthands Andriod Application for Online Donation
No human is free from error. Thus, we commit sins every now and then either intentionally or unintentionally.Therefore, it is important that we try to seek forgiveness through Salat and all other good deeds whenever we can.
Zakat is a great way to ask for forgiveness from the Almighty as He has promised to remove the minor sins of the Zakat giver, as the Prophet (SAW) said :
“Giving charity wipes away sins just as water extinguishes the fire.”
Now that, Zakat calculations have become much easier than before, we should not make a fuss about giving our annual Zakat.