calculate zakat on money is one of the most searched methods, as Zakat is the third pillar of Islam and the obligatory duty on every Muslim if he meets the conditions of Zakat.
Therefore, Muslims strive and exert their efforts to search for the amount and percentage of Zakat on money imposed on them and the method of calculating Zakat on money, as the names and types of money differ, but they all go back in their origin to being effective money that is used and benefited from.
Here comes our role as we review for you the most famous types of Zakat that are obligatory in Zakat on money with different types and the easiest way to calculate zakat on money.
What is Zakat on money?
It is the Zakat imposed on the money that a Muslim owns, regardless of its form and formula, with conditions that must be met. There is also Zakat al-Fitr with its conditions and Zakat on gold, silver, and others.
Types of money on which zakat is due
The forms of financial wealth differ, but in its content and origin it is effective and used money, so calculate zakat is due on that wealth if it reaches the zakat threshold, as the zakat rate is generally 2.5% of the total wealth, and calculating zakat on money differs and varies according to its form, the most famous of which are explained as follows:
1-Cash assets
This is the money that the zakat payer owns, whether it is paper and metal currencies, and the zakat payer owns it in the country in which he pays zakat or another country, and it also includes gold and silver, and the following is the method of calculating each type:
2.Gold (not used for personal purposes)1
And there is also the calculation of zakat on gold, as zakat is due on gold at a rate of 2.5% of its market value on the day on which zakat is paid if it reaches its threshold, which is equivalent to (85) grams of pure gold, 24-karat gold, or its equivalent of 21-karat and 18-karat.
Unused silver For personal purposes), zakat is due on it at a rate of 2.5% of its market value on the day on which zakat is paid if it reaches its quorum, which is equivalent to 595 grams.
Financial money, and the amount of zakat on it is equal to 2.5% if the year is calculated (the completion of a full year on the money). Calculated on the basis of the lunar (Hijri) year or 2.577% when calculated on the basis of the solar year.
Conditions for the obligation of zakat
In addition to calculate zakat. There are many conditions for the obligation of zakat, which are as follows:
- Islam: Zakat is not obligatory on a non-Muslim, and it is not accepted from him if he pays it; Because it is one of the pillars of Islam, and he will be held accountable for it on the Day of Resurrection, and the Shafi’is believe that zakat is obligatory on the apostate before his apostasy, and the jurists have made it obligatory on the non-Muslim in the case of the tithe, that is, on the merchants of the People of the Covenant in the lands of the Muslims.
- Freedom: Zakat is not obligatory on slaves; Because they do not own anything, according to the saying of the Prophet – may Allah ’s prayers and peace be upon him -: (And whoever buys a slave and he has money, his money belongs to the one who sold him, unless the buyer stipulates it), and it is not obligatory on the mukatab* because he is a slave, while the majority believe that it is obligatory on his master.
- Reaching the nisab: This differs according to the money, and this was explained in the previous paragraphs.
- Complete ownership and its stability: such that no right of others is attached to it, so there is no zakat on an unspecified endowment.
- The passage of a year: This is not a condition for all money, and the money for which a year is required was explained in the previous paragraphs.
- Puberty and sanity: Zakat is not obligatory on the wealth of a minor or an insane person. This is a condition according to the Hanafis, and the majority believe that it is obligatory on their wealth, and their guardian should pay it on their behalf.
- Growth or its ability to do so.
- Freedom from debt: This is a condition according to the Hanafis in matters other than cultivation, while the Hanbalis stipulate this in all wealth, while the Malikis say: Only in assets; which are gold and silver, and the Shafi’is do not stipulate it. Excess over basic needs.
Conditions for the validity of paying zakat
Speaking about calculate zakat. Many conditions are required for the validity of paying zakat, which are as follows:
- Intention: Because zakat is an act of worship, and to distinguish it from expiations, as the Prophet – may Allah’s prayers and peace be upon him – said: (Actions are only by intentions), and the intention is linked to the action, and it is sufficient when separating zakat money from other money, and the intention of the imam or guardian is valid for the one who pays his zakat, and it is required that the intention be purely for the sake of Allah – the Most High – as He said: (And they were not commanded except to worship Allah, being sincere to Him in religion, being true in faith, and to establish prayer and to give zakat. And that is the religion of right guidance.).
- Payment with intention Ownership, so permission or feeding is not sufficient.
- Paying it to the one who deserves it, and it is required that it be paid after a year or after the fruits ripen, so it is not valid before that, and that it be from the same item in which it was required, and these two conditions are according to the Malikis, unlike the majority.
Conclusion
In conclusion, zakat is an important financial obligation in Islam, aiming to achieve social solidarity and reduce differences between classes. To calculate zakat correctly, a Muslim must know the type of money on which zakat is due, calculate the quorum accurately, and make sure that one year has passed on the money. You must also know the percentage of zakat prescribed for each type of money, which usually amounts to 2.5% of the cash money or its equivalent. Commitment to calculate zakat accurately and honestly enhances the balance of society and emphasizes the spirit of solidarity and cooperation among its members.
FAQS
How to calculate zakat on trade offers?
Zakat on trade goods is calculated on the value of the goods prepared for sale at the end of the year.
What is the ruling on delaying the payment of zakat?
Delaying the payment of zakat after one year has passed without a legitimate excuse is considered impermissible and considered a sin. Zakat must be paid immediately when the time comes unless there is an excuse such as difficulty in paying it due to circumstances or the need to distribute it better.
