What is Zakat
Zakat is a religious obligation for all Muslims who meet the necessary criteria to donate Zakat. It’s based on the income and the value of possessions that a believer possesses, such as gold, silver, cash, savings and other types of wealth. Zakat must be paid once a Muslim’s wealth meets or exceeds the Nisab threshold, which is the minimum amount of wealth for Zakat to be due.
There’s no set amount for Zakat donations for every believer because it’s based on a person’s individual wealth. However, Zakat is only a portion of someone’s total wealth that goes to charitable causes every year. This portion is 2.5% or 1/40 of a Muslim’s overall wealth and savings. The donation is also only due once a believer has possessed their wealth for a full Islamic (lunar) year. If someone’s personal wealth falls below the threshold during a lunar year, and it stays below it, they won’t need to donate Zakat.
Why Give Zakat to CLF?
Community Lighthouse Foundation provide Zakat relief to those who are eligible to receive this donation under Islamic law. We make sure that your donation reaches as many people in need as possible to help transform their lives and make a meaningful impact. This means that you can rely on us to treat your Zakat as more than just an obligation. We treat your Zakat with care and compassion, ensuring that every penny goes directly to those in need. By choosing us to handle your Zakat donations, you don’t just fulfil your obligation, but you also become a pivotal part of our community that values sustainability, compassion and hope.
How to Calculate Your Zakat Donations
To calculate your Zakat donations, you first need to determine which of the wealth you possess meets or exceeds the Nisab threshold. The Nisab is based on gold and silver, but the value of these also applies to other assets. However, the value of both of these varies regularly, so it’s best to get a professional, accurate valuation of them closer to your Zakat due date.
The Nisab is 87.18 grams of gold and 612.36 grams of silver. For these possessions, you’ll need to get a valuation of your total amount to get the monetary value. Once you have this, you can add the value of other assets that meet the Nisab to get an overall amount of wealth that you own. With this total amount, you’ll need to work out 2.5% to determine how much you need to give for your Zakat.
Calculating your Zakat donation in the UK can be tricky, especially when you have multiple qualifying assets to consider. This is why it’s best to use our Zakat calculator that can quickly and easily work out how much you owe using every asset you own. All you have to do is enter the wealth you have into the appropriate fields, and our calculator will determine which assets are Zakatable. From there, you can also add any current liabilities to deduct from your Zakatable assets and get a precise total of your wealth. Our calculator will also instantly work out 2.5% of this total to give you the exact amount you need to pay, allowing you to donate it to us straight away!
