HAVE YOU PAID YOUR ZAKAAT THIS YEAR?

 THE DAILY ISLAMIC REMINDERS. Yawm Arba'a. 24th day of Ramadhan, 1445AH (Wednesday 3rd April 2024). *_HAVE YOU PAID YOUR ZAKAAT THIS YEAR?_* BismilLah.

In summary, Zakaat is one of the five pillars of islam. It is an obligation from ALLAH upon every Muslim who possesses the minimum amount of wealth given certain conditions. This is not Zakaatul Fitir or Eidul Fitir, which we reminded each other for the past two days. 

The type of wealth upon which zakat is obligatory are monetary assets, livestock, agricultural produce, merchandise. I will focus on monetary.

Gold, silver, and currency.

Zakaat [obligatory charity] must be paid on gold if it reaches the Nisaab [i.e. the minimum amount liable for Zakaah], which is 20 Mithqaal [a measure which equals 85 grams of pure gold, 1 Mithqaal = 4.25 grams], this means that one should pay ½ a Mithqaal as Zakaat, i.e., 2.5% of the value of gold.

Zakaat must be paid on silver if it reaches the value of 200 Dirhams, which is the equivalent of 595 grams of pure silver; one should then pay five Dirhams as Zakaah, that is, 2.5% of the value of silver.

Similarly, if cash savings reaches the equivalent of the value of 85 grams of gold in 12 months, then one should pay Zakaah of 2.5% on it. 

Finally, it should be noted that one is only obliged to pay Zakaah on his money if it reaches the Nisaab by itself or with other money or tradable items added to it and provided a whole lunar year elapses on it. Meaning zakaat is not monthly dues from our wages but our savings for 12 months. To know the Nisaab figure, just ask your local gold/ silver traders the price of 85grams of gold and 595grams of silver and that value becomes the savings you should have to be eligible to pay zakaat. Please ask your local imams or read books on zakaat from authentic sources to learn more. 

*_May ALLAH purifies our souls from any disobedience to HIS orders and accepts our little efforts in this blessed month_*. Aameen.