Zakat Calculator Pakistan
BOL News offers our zakat calculator to help you determine how much zakat you need to pay. The zakat calculator considers your comprehensive net assets (total wealth). Remember that charity in Islam (Zakat) is not just one of the core pillars of Islam, but a tool to help ease poverty, suffering and hardship throughout the globe.
Zakat Calculator Online
At BOL News, we think paying your Zakat should be as easy as possible, which is why we have created a handy calculator for your ease and convenience. Use our Zakat calculator below to determine how much Zakat to pay this lunar year.
How to work out Zakat?
Giving Zakat is obligatory for all eligible Muslims and is based on the current nisab values. These can vary year to year, which makes knowing how much to pay quite difficult. To simplify the rules around paying zakat, use the nisab values for 2021 below then enter your personal values into the calculator to
How much is Nisab for Zakat 2021
- Silver – the value of 612.36g of silver
- Gold – the value of 87.48g of gold
What is the meaning of Zakat?
One of the Five Pillars of Islam, Zakat is a fundamental part of being a Muslim. Meaning purification, Zakat is the act of giving a set percentage of your total wealth to charity each lunar year and is required of every sane, adult Muslim whose accumulated wealth exceeds the current Zakat nisab value.
Zakat is so much more than just giving to those in need; paying Zakat is an act of worship. One should ensure that your Zakat payment reaches the most vulnerable and needy communities in the world, quickly and effectively.
Considering all the different items and details that must be kept in mind when calculating Zakat, understanding the Zakat nisab value, when to pay Zakat and who we can give it to, the whole process can be complicated.
What is Nisab?
Firstly - what is the nisab threshold? The Zakat nisab value is the minimum threshold required for an individual to be eligible to pay Zakat in that specific lunar year. Your total overall wealth must meet or exceed the nisab value in order for you to be eligible to pay Zakat.
What is the Nisab value? The most up to date nisab for gold and silver can be found at the top of the page.
The nisab value is directly related to the current values of gold and silver. In the Holy Qur’an, the nisab value is described as 612.36g of silver or 87.48g of gold. Originally, these values of silver and gold were equal but in the current day, they have become different, with the silver nisab being significantly lower than its gold counterpart.
You can calculate the nisab value at any given time by converting these weights into your local currency.
What is the Zakat Percentage?
Your Zakat donation should amount to 2.5% of your total wealth accumulated over the year. As an example, if your total assets (after any debts owed) amounted to Rs. 1,000,000, then you would be required to pay Rs. 25000 as Zakat.
What is Zakat Due On?
When calculating your total wealth and assets, you must consider the following:
- The value of gold and silver items owned
- Money in your bank accounts or cash at home
- Loans that you have given out
- Pensions, stocks, shares and investments
- Property owned as an investment (excluding the property you live in)
- Farm and agricultural produce
You can use our Zakat calculator for gold, silver, cash and other assets to determine your overall wealth, and subsequently work out how much Zakat you need to pay. Please note that any debts you currently have outstanding, including any form of a loan, are ineligible for Zakat so they must be deducted from the overall total.
Paying your Zakat
Hopefully, you will now know exactly how much Zakat to pay and you are ready to make your payment. As an obligatory act of worship, your payment should go towards helping Zakat-eligible individuals, as decreed by the Prophet Muhammad (PBUH).
When to pay Zakat? Zakat is typically based on a full lunar year, and as such, most Muslims pay this towards the end of the year. While this can be paid at any time, many choose to pay Zakat during Ramadan.
Who can we give Zakat to? Zakat payments are divided between those most in need, as determined by the Holy Qu'ran:
- The poor
- Travellers in need
- Those in debt
- Those being held against their will or in slavery
- New Muslims and friends of the Islamic community
- Those in the cause of Allah
- Administrators of Zakat