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Money Owed To You. Other Outgoings Due. Thus, while you can just help them out from the goodness of your heart, you can also use Zakat to help them stock their homes in these troubled times so that they can also stay at home and stay safe with their families. Zakat not only helps us purify our monetary assets but is also a means of helping the poor and needy in society as a whole.
Use the methods explained above to calculate your Zakat for and find its rightful owner within your community. While you are making the calculations, an important fact to remember is that Pakistan is among some of the Muslim countries where Zakat is obligatory and collected by the state on savings and profit and loss sharing accounts. This practice is called deduction of Zakat at source and is performed by all banks across the country on the 1 st of Ramadan.
Therefore, if you are not exempt from Zakat and have more than the Nisab based on the rate of silver calculated by the State Bank of Pakistan for a particular year, the amount of Zakat will be deducted at 2. The collected Zakat is then sent to the Bait-ul-Maal run by the Government of Pakistan to help the needy and the poor. You do not need to calculate and pay your Zakat on your savings account under such circumstances.
If you have 7. Yes, since most of your assets will be in your local currency, you must convert all your assets into the same currency for the ease of calculation. No, Zakat is to be paid on all assets in excess of your personal use items. This implies that if you own two homes or two cars and use only one of them on a daily basis, then Zakat is only applicable on the one not in use. Yes, all savings, even those set aside for religious pilgrimages, must be included in your total assets.
Yes, 2. However, there is no maximum threshold. Yes, you can choose to pay Zakat in instalments throughout the year. However, you must pay it completely before a new lunar year begins. Yes, if you know of someone who is in need of the amount in full, you can choose to give it to only one recipient. It is considered Afzal or more rewarding to give Zakat to your closest relatives and neighbours.
However, you cannot give Zakat to your directly dependent relatives or to those whom you are obliged to spend on, such as:.
Yes, she can, but only if the husband falls under one of the 8 categories. In addition to that, the money given for Zakat cannot be used by the husband to sustain the household or be spent on expenses for his wife. He can use the Zakat money to pay off his debts and cover his personal expenses. Where Most Needed.
Zakat on Gold Zakat is a pillar of Islam whereby we all need to pay 2. Zakat Calculator for Gold You can also use our free Zakat calculator for gold , to work out how much money you need to pay for your Zakat on gold. Zakat on Gold Charity Working out how to calculate your Zakat on gold is an important part of figuring out how much Zakat you need to pay. Close Privacy Overview This website uses cookies to improve your experience while you navigate through the website.
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