Zakat Eligibility & Method to Evaluate and Calculate
If a person possesses 612.35 grams of silver or 87.479 grams of gold or any currency that equals the value of this amount of gold or silver, and this wealth remains in his possession for a complete year, then on the expiry of this year it will be wajib on him to give zakaat for it. Check your Eligibility ↣
- A Simple Method to Calculate Zakat on Yearly basis
- When was the first time your savings surpassed the Nisab value?
- Which Nisab for you?
- The amount of gold or silver that has been mentioned above is commonly referred to as the "nisaab" of gold or silver. Now, if your savings include only Gold (i.e. you don't have any other savings except gold (which is very rare)), then the amount of Gold is your Nisab. Otherwise, use Silver as your Nisab. For almost everyone, the Cash value of Silver would be used as Nisab.
- Still not sure, if you are eligible?
- Recall, when was the first time; when you had a total savings (including cash, silver, gold, bank-balance, and the things which you have purchased for the sole purpose of selling, subtract all the debts you have to pay from it) exceeded your Nisab?
- Identify the Lunar (or Hijri) Date
- Note down the lunar date of that day, let's say it was 10th of Ramadan, 1445 AH. This is your Zakat calculation date.
- Zakat Calculation and Payment time
- Wait 1 year, that is till 10th of Ramadan, 1446 AH. This is your Zakat Calculation time, regardless if there has been something in your possession for a year or not. Whatever the amount you get, you should pay as soon as you can.
- Use our Zakat Calculator ↣, to calculate your Zakat amount based on the assets you own on your Zakat calculation date.
