Muslims give Zakat to prove their solemn faithfulness and obedience towards Allah the Almighty.
People are deeply in love with their money and wealth. They cannot sacrifice what they love, for others. This is a weak side of human character which lies hidden within every individual.
Therefore, Islam has made it compulsory for every Muslim to give a particular portion from their wealth, each year, to overcome the vices like greed and misery.
Zakat adds ethical values to one’s character and helps them to develop emotions like generosity and kindness within their hearts.
Calculating Zakat using online Zakat Calculator:
Calculating Zakat often becomes a daunting task for many Zakat givers as most of us lack proper Islamic knowledge about certain laws and regulations of the Shariah and the Quran.
Therefore, many Zakat givers unknowingly add unnecessary things that were supposed to be omitted and unwillingly overlook many assets that were meant to be calculated.
To eliminate these confusions Islamic institutions and NGOs like the Islamic Foundation, Muslim aid, Transparent Hands and other organizations have introduced online Zakat Calculators to help people calculate their Zakat properly.
Almost all Zakat Calculators work in the same way though there can be variations in features depending on which calculator you are using.
Here are a few steps that you are likely to follow while calculating Zakat using the online calculator:
1. Calculate the Nisaab:
At first, calculate your Nisaab amount and enter the value in your calculator in local currency.
Nisaab is the threshold amount possessed by a Muslim over the period of 1 year, in order to become eligible for Zakat.
For Gold, the standard Nisaab amount is 3 ounces (87.48 grams) or its cash equivalent. For Silver, the standard Nisaab amount is 21 ounces (612.36 grams) or its equivalent in cash.
2. Add the Values of your Assets:
In this step, enter the quantity of Gold and silver that you have possessed for more than a year and its price per 10 gram in your local currency in the calculator.
Make sure you calculate each type of Gold (Carats) separately as they vary in market valuation.
Next, enter the values of Cash in hand, Properties, and stocks in your possession for more than a year, as Zakat is applicable to them as well.
3. Add your Liabilities:
In this step, you need to enter the values of your debts and liabilities and subtract these amounts from your assets to determine the Zakat obligatory on you.
4. Final Results:
In this stage, a summary will appear to show whether you are eligible for Zakat or not. If you are eligible for Zakat then the calculator will project the amount that you would be paying.
The payable Zakat will be 2.5% of your overall possessions.
Benefits of Paying Zakat:
Muslims should consider paying Zakat sincerely.
Zakat establishes peace and harmony in society. When the rich and wealthy share a portion of their bounties with the poor their basic necessities are fulfilled and they become satisfied.
This satisfaction in life prevents them from committing crimes like robbery, stealing, extortion, drug dealings, smuggling etc.
If the poor people are treated with respect and are provided with financial solutions to make their ends meet in a dignified way, they will definitely want to live a good life and avoid the path of wrongdoings and crimes.
Zakat also benefits the giver:
When one gives, he finds immense pleasure and peace within his heart. The giver feels a sense of being useful to others which in turn makes him confident and boosts his self esteem.