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    Zakat requires Muslims to donate 2.5% of their wealth: could this end poverty?

    Estimated at almost $2tn in 2015, Islamic finance is often overlooked by development organisations as a potential source of funds

    Development 2030

    This article is more than 5 years old

    Zakat requires Muslims to donate 2.5% of their wealth: could this end poverty?

    This article is more than 5 years old

    Zainulbahar Noor and Francine Pickup

    Estimated at almost $2tn in 2015, Islamic finance is often overlooked by development organisations as a potential source of funds

    Thu 22 Jun 2017 12.17 BST

    U

    sman, a fisherman in North Sumatra, used to have a rickety fishing boat that could only take him as far as the mouth of the river, just before it meets the sea. He could not catch enough to feed his family of five but last month, he was able to buy a new boat with the help of Islamic donations. Now he can sail further into the sea, he catches more fish and his income can pay for school fees and even some pocket money for his children. This is just one of countless examples of how zakat can improve livelihoods and reduce poverty worldwide.

    For Muslims around the world, the month of Ramadan is a time of deep reflection, sacrifice and joyous family gatherings. It’s also a time when Muslims make donations known as zakat; the giver is believed to be purified through the act of transferring wealth to the poor. Zakat is also a powerful source of good with untapped potential for contributing to sustainable development in communities, such as the small fishing village in North Sumatra.

    There are some striking commonalities between the sustainable development goals (SDGs) and zakat. In the Islamic faith, five foundational goals – known as Maqasid al Sharia – include the protection of faith, life, progeny, intellect and wealth. Much of the SDGs – goals to alleviate poverty and hunger, improve health, education and access to water and sanitation, reduce inequality and protect the environment – are reflected in these Islamic values.

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    As one of the five pillars of Islam, zakat is mandatory giving; all Muslims eligible to pay it must donate at least 2.5% of their accumulated wealth for the benefit of the poor, destitute and others – classified as mustahik. It is one of the largest forms of wealth transfer to the poor in existence.

    But despite its tremendous potential for contributing to the SDGs, zakat organisations have been overlooked by development organisations as an influential partner and source of finance. Between $3tn and $5tn is estimated to be needed per year to achieve the goals, but current investment falls short at around $1.4tn. By working together with religious organisations, development bodies can fill the $2.5tn investment gap, while also promoting peace and development.

    Roughly 22% of the world’s population is Muslim. Islamic finance, including zakat, was estimated at almost $2tn in 2015 [pdf] and is expected to surpass $3tn by 2020. In addition, between $200bn and $1tn is spent in the form of zakat [pdf] across the Muslim world annually.

    Zakat is often channelled informally between individuals – a cash payment to an acquaintance in need, for example. Just a quarter of contributions are thought to be channelled through formal certified organisations. But there is growing recognition among Islamic organisations that giving to more intractable issues, such as poverty reduction, can reach more people, thus providing a more sustainable solution. Shifting the public mindset so that zakat is seen as a programme needing professional management for positive change, rather than simply charity, will enhance its development impact. These shifts could increase the development impact of zakat in African and Asian countries that have large Muslim populations and high levels of poverty and hunger.

    As the fourth-most populous and the largest Muslim-majority country in the world, there is enormous potential in Indonesia for zakat to reduce poverty and inequality, and contribute to sustainable development. Some 28 million Indonesians live in poverty – 11% of the population – and a further 40% are vulnerable to falling into poverty, with incomes hovering just above the poverty line.

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    Many Indonesians regularly contribute zakat and it could comprise up to 3% of GDP, but 64% of adults in Indonesia do not have a bank account. Technological advances such as online banking and mobile money will make it easier for people to contribute zakat and for it to be distributed, while also improving the efficiency and effectiveness of the programme.

    People also need to trust that zakat institutions will spend their money wisely. In return, institutions need to show that they are transparent and well governed by developing their capacity to collect revenues and through monitoring, reporting and evaluation. Greater emphasis on communicating development impact and contribution to SDGs is also important.

    Zakat authorities and development organisations have enormous potential to work together to formalise these funds for sustainable development by:

    Raising awareness and increasing understanding among zakat organisations of the importance of the SDGs and how they are relevant.

    स्रोत : www.theguardian.com

    The Rules for Calculating and Paying Your Zakat

    Read this essential guide to learn who pays Zakat, who receives Zakat, what assets are Zakat-eligible and more.

    The Rules for Calculating and Paying Your Zakat

    Safa Faruqui

    Working out how much Zakat to pay and how to pay it can be sometimes difficult and for that reason, we have created this short guide. We’ve broken down some of the most common questions and cleared up the main misconceptions about Zakat.

    While you’re here, you can also use our Zakat calculator or read our Zakat policy.

    What is Zakat and why is it important to me?‘You shall observe the Salah and give the obligatory charity (Zakat), and bow down with those who bow down.’ (Qur’an 2:43)

    Zakat is the third pillar of Islam. It is an obligatory act of charity amounting to 2.5% of a Muslim’s annual savings. Zakat is intended to purify our wealth, not only physically, but also spiritually. It purifies our heart against selfishness as well as ensuring that society’s poorest are protected against hunger and destitution.

    A common misconception is that Zakat is a form of tax. However, it is a spiritual obligation in which we will be accountable to Allah directly. Zakat plays a key role in supporting the poorest in the community, through providing them with essential aid as well as helping them come out of a life of poverty.

    Who has to pay Zakat?

    You must pay Zakat if, firstly, you are an adult Muslim of sound mind, and secondly, you have possessed the minimum amount of wealth (known as Nisab) for one lunar year.

    Nisab must be maintained for one lunar year for Zakat to be required and must be paid as soon as it is due. Your Zakat year therefore starts on the date your wealth first equalled or exceeded the Nisab and should be calculated on that date for each subsequent year.

    How much Zakat do I need to pay?

    Our Prophet Muhammed (saw) has set Nisab at the rate equivalent to 87.5 grams of gold or 612.4 grams of silver. Today, this is usually the equivalent value in your local currency. In the Hanafi madhab, the value of silver is used to determine the Nisab eligibility to pay Zakat. In other madhabs, the value of gold is used. The value of gold and silver changes daily, so your Zakat payment will vary a little each year. You can use our Zakat calculator to work out this year’s Zakat.

    What do I need to pay Zakat on?

    Zakat should be paid on wealth rather than income. If we take the example of Adam (our fictional character) who earns £20,000 a year and has £200 pounds as part of his yearly savings, Adam would have to calculate his Zakat from the £200 in his savings as opposed to his yearly income.

    Zakat is not just paid on the savings in your bank account. You need to pay Zakat on other types of wealth, such as:

    Gold and silver

    Cash held at home or in bank accounts

    Stocks and shares owned either directly or through investment funds

    Money lent to others

    Business stock in trade and merchandise

    Agricultural produce

    Livestock animals such as cows, goats and sheep

    Pensions

    Property owned for investment purposes

    A commonly asked question is whether women need to pay Zakat on their gold and silver jewellery. There is a difference of opinion on this:

    Some scholars state you need to pay Zakat on all gold and silver (above the Nisab level), including jewellery. However, you don’t have to pay Zakat on other precious metals like platinum, nor on precious stones like diamonds. Moreover, some scholars say that mixed metals are only liable to Zakat if half or more of the metal is gold or silver.

    Other scholars say if women are only using that jewellery for personal ornamentation, and it is not used as an asset, then you don’t have to pay Zakat on it.

    If you are buying jewellery for the purpose of accumulating wealth or selling it later, or if you have what would generally be considered an extravagant amount, then that jewellery is no longer mere ornamentation, and you need to pay Zakat on it.

    Another commonly asked question is whether Zakat needs to be paid on valuable items such as property or cars. The answer is: no, these items are exempt. However, if you intend to sell these items then it becomes a trading good and Zakat will be due on such items if a lunar year passes from the time of your intention to sell.

    How do I calculate how much Zakat I need to pay?

    We know that calculating your Zakat can be a daunting task if you don’t know how to go about the process correctly. There are so many variables to consider so we’ve devised a simple Zakat calculator to help you calculate what you’re due to pay.

    Can I pay my Zakat monthly?

    If it is easier, you can spread out your Zakat payments over the whole year. Calculate how much Zakat is due on you that year, and divide it into amounts  twelve. At the end of the year, check your estimated calculation - if you underestimated the amount of Zakat you needed to pay, make sure you pay it off before the new year begins.

    Should I be paying my missed Zakat?

    It can be easy to forget to pay or to miscalculate our Zakat or we may even be new to recognising this pillar of Islam. However, it’s never too late to pay off our Zakat from previous years. Missed Zakat would be calculated in the same way you calculate your current Zakat - however, you would use the Nisab from the missed Zakat year, as opposed to the current Nisab value.

    स्रोत : muslimhands.org.uk

    Zakat Calculator​ Online 2022

    Every year, Muslims are required to pay 2.5% of their total income or wealth as Zakat on the day they calculate their annual income or assets

    Zakat Calculator for online Donation

    ZAKAT is a charitable donation that Muslims give to help the poor and needy.

    In this section, we will discuss the meaning of ZAKAT, how much it costs and how it is distributed.

    In Islam, ZAKAT is a charitable donation that Muslims give to help the poor and needy. It is one of the five pillars of Islam. The word “Zakat” means “purification.” It purifies one’s wealth by taking a percentage (2.5% for most Zakat-payers) and using it to help those in need.

    Every year, Muslims are required to pay 2.5% of their total income or wealth as Zakat on the day they calculate their annual income or assets .

    How to work out how much zakat to pay?

    Zakat is a type of Islamic tax that is required to be paid by Muslims who are wealthy. It is a fixed amount and the amount depends on the wealth of the person.Zakat comes in two types – zakat al fitr (the obligatory tax) and zakat al mal (the discretionary tax). The former has to be paid after Ramadan, while the latter can be paid anytime during the year.

    The amount of zakat you have to pay depends on how much wealth you have – if you own 10 items worth more than $1,000, then you have to pay 1/10th of your wealth as zakat.

    ZAKAT CALCULATOR

    Nisab (updated 01 April 2022): Using the value of 87 grams of 24k gold – approximately $5,300

    What Is Zakat Money

    Giving back to humanity is the third Pillar of Islam. Charity is a fundamental teaching of Islam. Generosity is a central theme In Islam that Allah (SWT) gives to those He loves, and He guides us to refrain from attachment to material wealth.

    Zakat purifies the wealth of Muslims, as Allah (SWT) says in the Qur’an; 

    “It keeps one away from sin and saves the giver from the moral ill arising from the greed and love of wealth”. 

    What is Zakat Money?

    Paying Zakat is an act of worship. It is a fundamental part of being a Muslim. Muslims purify their money and assets by giving zakat money to their less-fortunate brothers and sisters in Islam (the poor and needy people) to get closer to Allah, The Most Merciful. He (SWT) made Zakat the Third Pillar of the Five Pillars in Islam.

    When Zakat is Due?

    Zakat is an obligatory annual payment Muslims must pay at the end of every lunar year. Ramadan is the best time to pay it. Muslims whose wealth has reached “Nisab,” which is the minimum threshold required for an individual to be eligible to pay Zakat in that specific lunar year, need to pay Zakat money to purify their overall wealth.

    Who is Obligated to Give Zakat?

    Zakat is the Third Pillar of Islam. Allah (SWT) made it an obligatory annual payment in the financial law of Islam. Muslims are one big family, which by nature, care for, support, and help each other. Being merciful and a giver is what defines a Muslim.

    Nevertheless, there are conditions you must have to be obligated to pay Zakat;

    Being an adult, sane Muslim.

    A Muslim has total ownership of the wealth.

    The accumulated wealth over the lunar year must reach or exceed the “Nisab.”

    Paying Zakat purifies and increases your wealth, as our Beloved Prophet Muhammad (SAW) said:

    “Charity never diminishes wealth.”

    Conditions that must be met by the Zakat money

    Not all money is eligible for Zakat Money. Some conditions must be met to accept the money as Zakat money, such as;

    The Zakat money must be pure and Halal.

    The Zakat money must not be included in any type of trade.

    The wealth must reach or exceed the “Nisab”.

    To pass a whole Lunar year after possessing the Nisab.

    Wealth has the ability to grow and increase.

    Funds for Which Zakat is Due 

    There are a set of funds where Zakat must be due. Here they are;

    A fixed overall wealth for a complete Lunar year.

    The wealth must exceed the “Nisab.”

    Zakat must be paid for gold and silver, estimated as; (85 gr for gold) and (595 gr for silver). An equivalent to 2.5% of the money.

    Hoarding gold and silver, or any other similar precious metals, Zakat is due.

    Buying a car with the intention of trade or investment, Zakat is due.

    Zakat is due on livestock. Cows must exceed two years of age and give a cow out of 30 cows. Sheep must exceed five years of age and give a sheep out of 40 sheep.

    Zakat is due on plants. It is paid for trees and crops.

    How to Calculate Zakat?

    Zakat is calculated as 2.5% of your surplus wealth, savings, and financial assets that you don’t use. Or you can calculate your Zakat due to our site in Bonyan, which is created to help you calculate gold, silver, cash, and other assets. It enables you to find out how much Zakat you need to pay.

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    Zakat on Money Saved

    Zakat is obligatory on saved money, regardless of where it is saved. Accumulated capital has a growing value; therefore, Zakat is due. A percentage of 2.5% of that overall saved money must be donated to Zakat.

    Zakat on Money That Does Not Grow

    Zakat is due on the money, growing and not growing money. However, the money that does not grow, Zakat is only obligatory on it if the cash exceeds the Nisab for that particular Lunar year.

    How to Calculate Zakat on Money Deposited in The Banks

    स्रोत : bonyan.ngo

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