For every Muslim, the holy month of Ramzan marks a new start towards the path of Jannat. We attain contentment and peace during the month of Ramzan because only at this time of the year we do what we were created to do. We offer five times Salat punctually, perform the Tarawih Salat every night, fast accordingly from dawn to dusk, give charity to help the poor and needy and try to forbid ourselves from sins. In one word, we live our life in accordance to Islam.
Islam has made it compulsory to give Zakat from one’s wealth to the poor, the needy, the travelers, Zakat administers etc. The verse 103 from Surah Tauba mentioned: “Take from their wealth charity (alms) to purify them and cleanse them thereby, and pray for them.”
Although we can pay our Zakat at the time of the year, Muslims are eager to give charity during the Sacred Month of Ramadan to seek more blessings. Therefore, Ramadan is the time when Muslims are willing to share their possessions with the less fortunate people.
The Modern way of Calculating Zakat:
Though many righteous Muslims are eager to pay the Zakat, it is really unfortunate to see that they do not have proper knowledge on Islamic law and order which leads to the wrong calculation of Zakat deriving its recipients from their rights.
Figuring out the amount of Zakat owed turns out to become a matter of dilemma for many people. Either they forget to add something unintentionally or they tend to add up something which is totally unnecessary. Such confusions can hurt both the giver and receiver of Zakat.
Online Zakat calculators give you the opportunity to calculate your Zakat in a hassle-free manner. It will eliminate all sorts of confusions and errors and show you the exact amount to be paid. Zakat calculators are straightforward and very easy to use.
Muslims are required to pay 2.5% of all net savings of one’s assets which is above the Nisaab value. A Muslim must take into account the value of gold, silver, rent income, business investments, merchandise, profits, shares, cash, and bonds while determining the Zakat amount.
When you are using the online Zakat calculator just enter the valuation of all your assets which have been in your possession over one lunar year. You will be required to enter the amount of cash in your hand and in the bank accounts, amount of money kept in fixed deposits for future purposes, amount of money given out as loans and also the amount of money spent on business investments or shares, value of the stock etc.
In the next step you will need to mention the liabilities you have by entering the amount of borrowed money, goods bought on credit, wages of employees and maidservants and immediate due of taxes, rent, and utility bills. Once you have entered all these information the Zakat calculator will show the exact Zakat payable amount without any errors.
You will find some calculators are able to calculate the amount in different currencies like US Dollars, GBP, PKR, and Euros. Some calculators provide the option to choose whether you want to calculate your Zakat based on the market value of gold or silver.
A Muslim can only gain the mercy of Allah if he shows mercy to His mankind and all His creations. The verse 92 from Surah-al- Imran says “Never shall you attain piety unless you spend (in the way of Allah) out of what you love.”
Every Muslim will need to love the poor, the needy and all those in distress and help them in their tough times in order to attain the love of Allah.