WHAT IS ZAKAH

Zakah is one of the Pillars of Islam and an islamic obligation that must be performed once a year. Zakah is not an option it is a compulsory act for all Muslims. It is an act in which one pays 2.5% of their annual savings to those in need. It is a religious duty which washes away impurities from our provision and ensures excess wealth is distributed amongst those in need.

 

HOW MUCH DO I PAY?

Qamar Charity uses the value of Gold as the standard for the Nisaab, so the minimum current amount is: $3,533.74 before Zakah is due to be paid. For example if a year had passed on this amount you would pay 2.5% of this which would be $88.37 If you had $6,48.061 in wealth/assets saved and a year had passed on it then you would pay $162.00.

Those things classed as your wealth and Assets which are Zakah applicable:

Cash – in the bank or at home and that which is saved for anything specific.
Gold and Silver – The value of it in your local currency according to the Nisaab.
Shares – The value of the shares you own at their market price.
Money owed to you – If it is expected to be repaid.
Your Business – The balance sheet value of the Stock you possess.
Your Properties – Any rental income that’s been saved of the year. The equity value of your investment property portfolio is not included as part of your assets in the Zakat calculation.

Zakat Bank

 
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Donation Total: €1.00 One Time