Everything you need to know about calculating and distributing your Zakat, one of the five pillars of Islam.
Zakat is one of the five pillars of Islam and is obligatory for all Muslims who meet the necessary criteria of wealth. It serves as a means of purifying one's wealth and helping those in need.
The nisab (minimum threshold) for Zakat is equivalent to 87.48 grams of gold or 612.36 grams of silver. If your total wealth exceeds this amount for a full lunar year, you are obligated to pay Zakat.
The rate of Zakat is 2.5% of your total qualifying wealth. This includes cash, gold, silver, business inventory, and investments. Debts owed to you that are expected to be repaid are also included.
Zakat can be given to eight categories of recipients as mentioned in the Quran, including the poor, the needy, those in debt, and travelers in need.