“How to calculate zakat in Dubai?” “What is the process of calculating zakat?” “Can I hire someone to do it for me?” are questions asked by many. Dubai, a city of light, luxury, and fun has a religious facet to it too. With over half the population identifying as Muslims, people from all walks of life are looking to understand how to calculate Zakat in Dubai.
If you are one of those people, keep reading because we have simplified the process for you to comprehend the concept easily.
Calculate Zakat in Dubai With Zakat Calculator 2024
Gone are the days of laborious manual calculations. Embrace the ease of online zakat calculators specifically designed for Dubai residents. These intuitive tools, updated for 2024 zakat rates, make it a breeze to determine your zakat dues accurately. Simply input your relevant assets, from gold and silver to savings and property, and voila! The calculator provides a clear and precise figure within seconds. No more deciphering complex formulas or wrestling with spreadsheets – this is zakat calculation streamlined for the modern Dubai resident.
Calculate zakat on Gold and Silver in Dubai
To calculate zakat on gold and silver in Dubai you need to calculate the zakat with an online gold or silver zakat calculator 2024.
For someone looking to do their calculations manually, they can follow the following steps:
1- Collect your assets: You can start by putting together an inventory of your gold and silver possessions. These assets are inclusive of ornaments, jewelry, and bullion.
2- Calculating the nisab: Calculating the nisab value is one of the most important steps, as it is the nisab that determines if you need to pay zakat or not. Most Islamic sects believe that the nisab value is 87.48 for gold and 612.36 for silver.
3- Finalizing market value: Zakat can either be calculated on two things; the value of silver and gold on current market value or that of the day of calculation.
4- Apply the formula: After deciding the market value and determining if your wealth exceeds the nisab threshold, the market value needs to be multiplied by 2.5 to find out the amount of zakat applicable to your silver and gold.
Click below on Gold Zakat Calculator 2024 in Dubai to Calculate zakat on gold and silver in Dubai.
Calculate Zakat on Property in Dubai
To determine the amount of zakat on your property, you will first need to identify if zakat is applied to your property or not. If you own a property through which you intend to earn or currently earn in any form, zakat would be applied to it. That said, if you own properties that are non-profitable and not intended to be used for profit, such as a residence, no zakat would be applied to that.
Zakat on a property can be calculated by first determining the nisab amount i.e. 2.5% of the property’s market value. Click below on Dubai zakat calculator 2024 to Calculate zakat on property in Dubai.
Calculate Zakat on Savings in Dubai
To calculate zakat on savings in Dubai you need to calculate the zakat with an online zakat calculator in 2024. If you have single or multiple savings accounts tucked away in Dubai banks, they also fall under the Zakat umbrella. To calculate Zakat on them, follow these steps:
- Put together the statements of all of your savings accounts including joint accounts, time deposits, and even current accounts.
- Average out the monthly balance of each account throughout the year before the zakat calculation.
- Deduct all necessary living expenses, minimum required balances, and Umrah or Hajj funds from the average balance.
- Multiply the remaining balance by 2.5 and that will be the zakat due on your savings in Dubai.
Calculate Zakat on other wealth in Dubai
Apart from silver, gold, savings, and property, if you have other forms of wealth such as stocks, shares, jewelry, etc, some of it may be applicable for zakat too. These include investments, business assets, and receivable debts.
Where to Pay Zakat in Dubai?
If you are on the lookout for a credible place to pay your zakat, consider giving it to Transparent Hands. Transparent Hands is a non-profit establishment that bridges the gap between quality healthcare and the impoverished. It facilitates expensive surgical procedures for the poor, ranging from expensive cochlear implant surgeries to general ones, like hernia repair.
The best part? The organization is fully transparent in its operations and offers donors a personalized dashboard to view the progress of their gifts.
End Notes For Calculate Zakat in Dubai
If you are still in the dark about how to calculate zakat in Dubai, we suggest trying one of the calculators given above. If you still find it difficult or struggle in any way, we suggest consulting with a knowledgeable scholar to guide you. To conclude, zakat is not only a religious obligation but a part of faith that stems from helping fellow Muslims. Take it as an opportunity and blessing to implement the teachings of Islam.