What is Zakat?
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?
Nisab is the exemption limit for the payment of Zakat. In other words, it is the amount which savings or capital or product must exceed in order for the Muslim owner to be obliged to give zakat. Nisab amount calculated based on 3 oz of pure Gold which is $4,552 as of 7/06/2011.
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 Ramadhan is considered to be the best time to pay Zakat.
We urge you dear brother/sister to calculate your Zakat now and to pay it as soon as possible
If the Final Zakat Amount is 0, then no Zakat is due.
This only happens when the “Total amount subject to Zakat” is calculated to be less than the current NISAB value.
This form does not cover all Zakatable items, for clarification or more information please contact your local Imam or Islamic Center. Also, this form is based on respected Fiqh references.
