Confused about your Zakat calculation?
We are sharing with you a rough guideline and a Zakat calculator to assist you
You add the value of:
- your annual cash savings
- your annual bank savings
- the money owed to you
- the value of the gold you possess
- the value of the silver you possess
- the value of your personal assets
You deduct the value of:
- the money you owe to others
- the annual taxes you need to pay
- the annual bills you need to pay
- the liabilities (for a business)
Zakat corresponds to 2.5% of your annual savings. This means that these savings have not been touched for a year. They need to be above the nisab of silver, which corresponds to 595 gr. On 01/10/2023, the value of 1 gr of silver corresponds to £0.59. So the nisab corresponds to £351.05.
Scholars advise that Zakat should be calculated based on the savings of a full year of the hijri calendar.
We advise you to ask your scholar or mufti for further guidance regarding your personal circumstances, family business, etc …
Zakat calculator for individuals
Zakat calculator for businesses
Third parties take a percentage on each online transaction. For example, in the UK, Paypal charges 2.90% per transaction. The fee is paid by Subulus Salaam to Paypal by way of an automatic deduction from your donation before it reaches our account. If it is wajib for you to pay Zakat, we advise that you donate via bank transfer by pasting our bank details into your internet banking.
Donate via bank transfer
Account name: Subulus Salaam
Sort Code: 40-03-03
Acc: 81650521