It wouldn’t be an exaggeration if one were to describe Zakat as a revolutionary financial system. Some of the most reputable micro and macro financing experts and agencies of modern times agree with this notion, and hail zakat as an effective remedy for poverty. The efficiency of this Islamic financial system reflects in the fact that it has prevailed over a period of many centuries with all of its fundamental principles still intact. The topic of Zakat calculator 2024 is a diverse one, which has many aspects. In today’s discussion, we try to highlight its importance, the principles that govern its distribution, and why zakat calculators remain one of the most effective ways of calculating zakat. So without further ado, let us begin!
How important zakat is?
We have mentioned in the introductory remarks of this discussion that zakat is a revolutionary system. But you must ask, what exactly makes this Islamic tradition so revolutionary? Well, this question is adequately answered when you analyze the ways zakat impacts society. To simplify matters for better understanding, there are three key players involved in the zakat cycle. Donors, recipients, and society. Now, let us have a look at how these players benefit from the glorious system of Zakat. Recipients benefit in a financial manner, which is understandable of course. But the donors also benefit from paying zakat in a spiritual manner. And since wealth circulates courtesy zakat as well, the society as a whole benefits from the beautiful tradition of zakat as well. You can understand why zakat is hailed as the magic pill for poverty now, right?
What is Nisab?
Now, let us have a look at the threshold requirement that one must meet to be eligible for zakat. 87.48 grams of gold or 612.36 grams of silver. This threshold amount is known as the Nisab of the zakat, and there is no zakat due to a Muslim if he or she doesn’t possess it. How much one has to pay if they indeed have the Nisab? A 3.5 percent on their wealth, and that on an annual basis! Now, in comparison to what we spend on the lavishness of this worldly life, this is hardly a sizeable amount. And still, its impact is far-reaching, much more far-reaching than one can imagine!
The fundamental principles of zakat distribution
Now, zakat distribution is guided by some fundamental Islamic principles that one must abide by. In the following lines, we are going to describe them in simpler words for you. If this is your first time paying zakat, you will need to read these rules closely!
1- Zakat collected by the zakat agencies operating on the government level should be distributed within 12 months of collection.
2- There must not be any terms and conditions imposed while giving the zakat money to the eligible recipient. In simpler words, zakat distribution cannot be made conditional.
3- Zakat money shouldn’t be adjusted or accommodated in any other service. This is a right of the eligible ones and hence, cannot be confused, intentionally or unintentionally, with any other service.
Now some of these principles are for the government, and some for the individual donors. But rules must be followed, that is what matters the most!
Zakat calculators can help you!
Calculating zakat can be a tough job. Well, if your assets are too much and too many, you are definitely going to need a lot of papers and pencils to calculate the zakat that is due to you. On the other hand, if you are clever enough about things, you can calculate your zakat using a Zakat calculator. Many zakat calculator tools are available online, which allow you to sort out your charity matters in an easy manner. One important consideration in this regard is that you must use a Zakat calculator that is reputed enough by the digital audience. One Online Zakat calculator that you can try is the Transparent Hands, zakat calculator.
Where to pay zakat
Your options are more diverse than ever if you are a Zakat payer in the year 2024. You can search for a household in your vanity that needs financial assistance or look for a charity that provides social welfare services in your community. We ARE NOT going to instruct you as to where you should pay Zakat. But you must be careful about the choice you make.
Your zakat options in the year 2024?
If we may give you a suggestion, how about helping those who have felt the heat of economic recession this year because of the global coronavirus pandemic? Millions have lost their jobs and we are sure that there will be someone in your vicinity as well who belongs to this unfortunate tribe of people! Through your zakat money, you can help them have another chance at winning in life!
How to give zakat online?
As technology has advanced beyond our wildest imagination over the course of the last few years, the problems of Muslims living all across the world have lessened considerably. Take the example of zakat distribution. It is easier than ever to pay zakat from anywhere all around the world! All that you have to do is find a reputable donation platform online, a charity that concerns itself with the welfare of the Muslim community. There is a plethora that is at work in this regard, we can tell you that much! So, be careful in your choice. One trusted option that you can opt for is Transparent Hands.
Well, that will be all for now. With the COVID-19 pandemic hitting the world in an unprecedented manner, there are a lot of families out there, which could do with financial assistance of some sort. And since you are going to pay zakat anyway, it would be a great idea to reach out to such families and help them survive this period of economic recession with integrity. Zakat calculations can take some time, which is why we are recommending you to log into a zakat calculator 2024 as soon as you can. After all, many eyes are looking toward you!