Question 1

How do I calculate zakat?

Accepted Answer

Zakat is calculated as 2.5% of your total qualifying wealth that exceeds the nisab threshold. Add up all eligible assets (cash, savings, gold, silver, investments, business assets), subtract any debts, and if the net amount is above the nisab, pay 2.5% of that total as zakat.

Question 2

What is the nisab threshold for zakat?

Accepted Answer

Nisab is the minimum wealth threshold above which zakat becomes obligatory. It is equivalent to 87.48 grams of gold or 612.36 grams of silver. Most scholars recommend using the silver nisab as it results in a lower threshold, ensuring more people fulfill their zakat obligation.

Question 3

When should I pay zakat during Ramadan?

Accepted Answer

Zakat can be paid at any time during the year once a full lunar year has passed on your wealth above nisab. However, many Muslims choose to pay during Ramadan because rewards for good deeds are multiplied during this blessed month.

Question 4

Is zakat 2.5% of all wealth or just savings?

Accepted Answer

Zakat is 2.5% of qualifying assets above the nisab threshold that have been held for one full lunar year (hawl). Qualifying assets include cash, savings, gold, silver, investments, and business inventory. It does not apply to personal-use items like your home, car, or clothing.

Question 5

Do I pay zakat on gold and silver jewelry?

Accepted Answer

Yes, zakat is due on gold and silver if the total weight exceeds the nisab threshold (87.48g for gold, 612.36g for silver). Scholars differ on whether jewelry worn regularly is exempt. The Hanafi school requires zakat on all gold and silver, while other schools may exempt jewelry in regular personal use.

Question 6

What is the difference between zakat al-mal and zakat al-fitr?

Accepted Answer

Zakat al-mal is the annual wealth tax of 2.5% on qualifying assets above nisab, paid once a lunar year has passed. Zakat al-fitr is a per-person charity given before Eid al-Fitr prayer at the end of Ramadan, typically equivalent to one sa' (about 2.5-3 kg) of staple food per family member.

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