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Explained: The Rate of Zakat and Deduction At Source

Unlike mandatory government-imposed tax, there is a beautiful tax form in Islam. The justifiable obligatory tax is known as ‘Zakat’. It is an onus to every affluent and affordable Muslim to disburse Zakat on specified valuable or cash.

Who are Liable to Pay off Zakat?

Every individual having tradable goods or gold, or even silver must pay the Zakat for certain amount. Zakat is the pragmatic idea of obligatory charity to finish off poverty from the society. It’s how you return back to the people around you and beyond out of your own wealth. Zakat eases the living to those less fortunate. The word ‘zakat’ is derived from the Arabic which means ‘purify’.

The Sharia Rate of Zakat

Zakat is not mandatory on all Muslims. Instead Zakat is obligatory to be given by those who come under the Nisab. The initial threshold that brings an individual under the term Zakat is called the Nisab. You are liason to pay Zakat if you possess a summing net assets that equal or exceeds the Nisab threshold. According to Sharia taken from the Holy Quran, Zakat is calculated at 2.5% rate or on all net savings tangible or intangible ones.

Online Asset & Digital Currency Also Come Under Zakat

Online asset or digital currency also come under the term of Zakat. If your net worth possesses the amount equal to value of gold (87.48 grams) – approximately £3,790.89 or PKR 1162500 (as of September 2022, for current value please consult with present gold rate and your currency rate) or above the Nisab value.

When Should Zakat Be Paid?

Generally, there is no specific time to pay Zakat. Around the year, you can pay Zakat to any Musarraf (deserving element to whom Zakat can be delivered). Net savings is the amount in total you maintain with wealth for one lunar year prompting the Zakat gets due. If net income in yearly becomes savings fallen below the threshold amount, you are exempt from Zakat payoffs. Only those people whose net worth of wealth or asset exceeds the Nisab amount are obliged to disburse zakat.

Zakat Calculator

Based on 2.5% of cash in hand or in bank or equivalent amount, it is easy to calculate Zakat. In other term, Zakat makes 40th part of your total Zakat-payable wealth or tradable goods. online Zakat calculators are also usable if it doesn’t make sense to you to calculate your Zakat.

For More Information

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