Zakat is an obligatory duty and one of the five pillars of Islam. It is mandatory when two conditions are simultaneously satisfied which are Nisab and the Due Date.
What is Nisab and its current value?
How to Calculate Nisab?
To pay off your Zakat you need to find the exact amount of cash you are bound to pay on the specific amount of property or wealth you own. This specific amount of Zakat to be paid varies from one person to another and is called as Nisab in Islam.
Calculating the Nisab: Nisab is a cut-off amount. Whatever you own, if more than Nisab, you are supposed to pay Zakat on it. If your personal wealth is below the level of Nisab, you are not eligible to pay Zakat. Nisab can be calculated according to the current market price of gold or silver. Choose rates of either gold or silver and calculate according to that. The Nisab is the cash amount equal to the 3 ounce/87.48 grams of gold or 21 ounces/ 612.36 grams of pure silver. There are different online Zakat calculators that can help you calculate your Zakat and pay the exact amount of Zakat you own.
However, State Bank of Pakistan has set Nisab of PKR. 38,406 for the current year Zakat deduction from saving bank accounts, profit and loss sharing and similar bank accounts having a credit balance equals to announced Nisab.
When is Zakat due date?
Zakat is due after one Lunar (Hijri) year starting from either the first day you acquired the amount of Nisab or the day you paid Zakat last year. The month of Ramadan is considered to be the best time to pay Zakat
According to the directions of Islam, a Muslim must pay Zakat if he or she has a surplus of the wealth in their possession. Once you own a specified excess amount of wealth in your possession for more than one year, you are bound to pay Zakat on it.
This wealth possession includes the following;
• Silver, gold or any other precious jewelry ornaments
• Money that is lent to others
• Stocks or shares
• Pension
• Cash saved in banks, a house where you are not living
• Any kind of property that is kept with the aim of investment or earning profit
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