Question 1

What is Zakat?

Accepted Answer

Zakat is one of the Five Pillars of Islam. It is a mandatory charitable contribution, typically 2.5% of a Muslim's total savings and wealth above a minimum amount known as Nisab.

Question 2

What is Nisab?

Accepted Answer

Nisab is the minimum amount of wealth a Muslim must have before being obligated to pay Zakat. It is calculated based on the value of either 85 grams of gold or 595 grams of silver.

Question 3

Should I use Gold or Silver Nisab?

Accepted Answer

Most scholars recommend using the Silver Nisab as it has a lower threshold, meaning more people can fulfill their Zakat obligation and help those in need. However, you may consult with a local scholar.

Question 4

How much Zakat do I pay?

Accepted Answer

Zakat is calculated at 2.5% of your total zakatable wealth minus any liabilities, provided the net amount exceeds the Nisab threshold.

Question 5

What assets are included in Zakat calculation?

Accepted Answer

Zakatable assets include cash, bank savings, gold and silver, stocks and investments, business inventory, and rental income. Personal items like your home and car are generally exempt.

Question 6

When should I pay Zakat?

Accepted Answer

Zakat becomes due after one lunar year has passed since your wealth first exceeded the Nisab. Many Muslims choose to pay during Ramadan for increased blessings.

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