Zakat is one of the 5 Pillars of Islam. As such, it is compulsory on Muslims, provided they meet certain conditions and criteria.
- Any Muslim who possesses the Required Nisaab (the minimum amount of Wealth that one must have before Zakat is payable) for one whole year is bound to pay Zakat on that wealth.
NISAAB:
- Gold: The Nisaab by the Gold standard is 87.48 grams of Gold or its equivalent in Cash. You can calculate this by multiplying the number of grams by the current market value of Gold.
- Silver: The Nisaab by the silver standard is 612.36 grams of Silver or its equivalent in Cash. You can calculate this by multiplying the number of grams by the current market value of Silver.
- A lot of people choose Ramadan as the month in which they pay their Zakat. Ramadan is the month of blessings and the rewards for all good deeds is far greater in this blessed month.
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