With the holy month of Ramadan approaching us fast, Muslims are going to more in Zakat money. While Zakat can be paid at any time of the year, Ramadan is the most preferred time for paying Zakat. Most of the people look to pay Zakat on Silver. The intention behind this timing is to double the benefits and rewards, which one gets from paying Zakat.
Zakat is a great source of purifying, both wealth and soul. One must calculate the Zakat properly, with all the assets being taken into the account. It can be a bit confusing for some of us, calculating the exact percentages on each asset. Jewelry also has Zakat applicable to it, including silver. In this discussion, we are going to help you calculate Zakat on silver.
What is Zakat
In Islam, paying Zakat is a fundamental pillar of Islam. This charity money is obligatory for everyone who has a minimal amount on which paying Zakat becomes an obligation. This money serves as a source of financial support for those sections of a society who are not financially stable. Zakat is 2.5 percent of your annual savings. This includes your assets, properties, cash, and jewelry.
The reward associated with paying Zakat is two folds. In this world, you will be rewarded more if you give more in Allah’s name. In the world hereafter, the rewards that you will reap are a source of great merriment for any Muslim.
The Zakat Nisab
Zakat becomes an obligation if one has a certain amount of money. This minimal amount of money is called Nisab. Once you hit the stipulated Nisab money, you must pay Zakat. Now, it is important to mention the Nisab here, before we go any further in this discussion. The Nisab threshold for gold is 85g or as in some countries, 7.2 tolas. In terms of silver, one must have 612.36 grams of silver, before they are eligible to pay Zakat.
Calculating Zakat on jewelry
We now come to the calculation side of things. Calculating zakat on jewelry is confusing for many people. Even though these calculations are pretty simple and straightforward, people tend to ask clerics to help in this regard. However, after reading this article, you will be able to calculate Zakat on silver and gold, all by yourself.
The first thing that you must keep in mind is that you pay zakat for silver and gold only. Some people have a mixture of metals in their jewelry. You are obliged to pay Zakat only f half or more of these are gold or silver.
A commonly asked question is, can I pay Zakat in actual gold and silver? The answer is yes, you can. Let us explain this with an example. If someone has 100 grams of silver, 2.5 grams of zakat on silver must be paid. However, because of convenience, Muslims like to pay Zakat in cash. In the case of silver, the zakat on silver must be equivalent to the price of 2.5 grams of silver.
Calculating Zakat on silver
In this section of the discussion, we are more focused on calculating the zakat on silver. These calculations are also relevant and accurate for gold. Let us have a look at this zakat on silver calculations now.
First, you must know the gross weight of jewelry items in grams. Now, subtract the weight of any stones that might be a part of your jewelry. Next, multiply the answer with the price of silver in the market. In the final step, multiply the answer with a 2.5 percent. Hey presto! You have successfully calculated the Zakat on silver you have.
In case you follow the Tolas system, you must know that one tola equals 11.66 grams. Multiply the tolas you have with 11.66 and you will have the gross weight of articles you have, in grams.
The limitations of time and space force us to conclude this discussion. While paying Zakat is a religious obligation and a fundamental pillar of Islam, it has many moral values attached to it. There cannot be a better way of achieving financial purity than paying Zakat. However, one will only reap the benefits associated with Zakat, if it is calculated and paid properly, as per the rule!