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What Is Zakat in Islam?

Zakat is an Islamic financial term. As one of the pillars of Islam, it requires all Muslims to donate a portion of their wealth to charity. Muslims must meet a certain threshold before they can qualify for zakat. The amount is 2.5% or 1/40 of an individual's total savings and wealth. Zakat can be paid at any time during the lunar year.

How Do You Calculate Zakat?

Muslims should take inventory of their possessions and wealth. Once they reach nisab or the threshold, which is the value of 87.48 grams of gold or 612.36 grams of silver, they must pay zakat. The total amount to be paid is 2.5% or 1/40 of their total savings and wealth. Muslims can use any number of zakat calculators which are available online to determine their obligations.

What Are the Rules of Zakat?

Individuals must meet a certain threshold known as nisab in order to qualify for zakat every lunar year. This is set at the value of 87.48 grams of gold or 612.36 grams of silver. People whose wealth exceeds the value of these amounts must pay 2.5% of the value of their wealth in zakat. Individuals who do not meet this limit are not obligated to pay.

How Much Are Muslims Obligated to Pay in Zakat?

Muslims are obligated to pay 2.5% of the total value of their wealth less any liabilities in zakat provided they reach nisab. This is the threshold, which is the value of 87.48 grams of gold or 612.36 grams of silver.

Providing Accurate Zakat Calculation Services

In Islam, Zakāt is one of the fundamental pillars of Islam, representing the act of giving to those in need as a means of purifying one's wealth and seeking the pleasure of Allah Ta’ālā. Accurate Zakāt calculation is not only a religious duty but also a financial responsibility. The Islamic Monetary Council (IMC) is your trusted partner in ensuring that your Zakāt obligations are calculated with precision and accordance with Islamic principles.

Why Accurate Zakāt Calculation Matters:

Zakāt is a means of wealth redistribution, ensuring that those in need receive their rightful share of the community's resources. Accurate Zakāt calculation is essential to fulfil this duty and promote social justice within the Muslim community.

IMC's Commitment to Accurate Zakāt Calculation:

At IMC, we understand the importance of Zakāt as a financial and spiritual obligation. Our commitment to accuracy is based on the following principles:

  1. Islamic Expertise: IMC comprises experts well-versed in Islamic finance and jurisprudence. We rely on the guidance of reputable Islamic scholars and jurists to provide accurate Zakāt calculation services.
  2. Transparency: We believe in transparency in Zakāt calculation. Our methods and formulas are clearly defined, and we provide you with a detailed breakdown of how your Zakāt is calculated.
  3. Customisation: Every individual's financial situation is unique. IMC offers personalised consultations to ensure that your Zakāt calculation is tailored to your specific circumstances.
How IMC Provides Accurate Zakāt Calculation Services:
  1. Wealth Assessment: Our experts assess your financial assets, including savings, investments, jewellery, and other eligible assets for Zakāt calculation.
  2. Liability Determination: We calculate your Zakāt liability based on the applicable Nisāb (minimum wealth threshold) and the types of assets you possess.
  3. Exemptions and Deductions: We consider any eligible exemptions and deductions allowed in Islamic jurisprudence to arrive at your net Zakāt obligation.
  4. Current Rates: IMC regularly updates Zakāt rates to reflect current economic conditions, ensuring that your calculation is accurate and up-to-date.
How to Access IMC's Zakat Calculation Services:

To benefit from IMC's accurate Zakāt calculation services, simply reach out to us through our contact information on our website. Our team of experts is ready to assist you in calculating your Zakāt obligation and guiding you through the process.

Your Zakat serves as a means of blessing your wealth and uplifting those in need, and IMC is here to ensure that this noble duty is carried out with precision and integrity.

How to call the IMC's Mahr Rate Recommendations API?

Welcoming some of the greatest digital platforms in the Muslim World - to integrate the IMC's Zakat Rate Recommendations API into your platform, you need to contact us for the API rates and monthly subscriptions. You can do that by clicking here.