Zakat is a spiritual and religious giving in Islam that has been made compulsory for the betterment of our society. Thus, rich Muslims are ordered to give Zakat support the less fortunate population in their community. How to Calculate Zakat on Jewellery?Use Our Online Zakat Calculator
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Rich Muslims are required to give 2.5% of total savings within a lunar year as Zakat which includes savings, cash in hand, income earned on investments, land, stock, bonds and shares, funds in bank accounts and jewelry.
Download our TransparentHands iPhone Application for Online Donation
How to Calculate Zakat on Jewelry ?
There are a few conditions that you must keep in mind before calculating Zakat on your Jewelry :
- If half of your jewelry contains varieties of precious metals, and the rest half contains gold or silver then you are required to pay Zakat only for the gold or silver.
- Always weigh the gold, silver or other precious metals separately to get the correct measurement.
- You are permitted to give your Zakat for jewelry in actual gold or silver. If your jewelry contains 100 gram of gold then you are required to give 2.5 grams from it as Zakat.
- You are not required to pay Zakat on diamonds, gemstones, pearls, etc as they are exempt from Zakat.
- Make sure to visit a jeweler, to get the approximate weight of gold if your jewelry contains a mixture of other metals as well. Your jeweler can tell you the approximate weight of the other metals without even removing them.
Now that, You have Followed all the Conditions, Use this Formula to Calculate Your Zakat :
Total weight of Gold-weight of the stones X price of gold X 2.5%
You may consider this example for a better understanding :
For instance, your jewelry contains 100 grams of gold. So, you will be giving Zakat on the market value of 2.5 grams of gold. If the market value of gold is $37 per gram then you will have to pay $92.5 (2.5×37) as Zakat.
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. How to Calculate Zakat on Jewellery?Use 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 including the monetary value of gold that you have figured out using our formula.
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. How to Calculate Zakat on Jewellery?Use Our Online Zakat Calculator
Download our Transparenthands Andriod Application for Online Donation
Zakat has both worldly and spiritual benefits. Now that, Zakat calculations have become much easier than before, we should not make a fuss about giving our annual Zakat.
All adult and rich Muslims must gain knowledge, about the rulings and benefits of giving Zakat and act accordingly in order to gain the valuable citations of angels followed by the blessings of Allah.
“Narrated by Abu Huraira (r.a.) The Prophet (PBUH) said, “Every day two angels come down from Heaven and one of them says, ‘O Allah! Compensate every person who spends in Your Cause,’ and the other (angel) says, ‘O Allah! Destroy every miser.’ “-(Sahih Bukhari, Chapter 24,522)