To determine Amount of Zakat Due, fill in the following:

Cash on Hand:
Balance Held in Bank:
Stocks and Mutual Funds:
Business Merchandise inventory:
Total Value of Gold and Silver without Jewels:
Real Estate (Investment properties only):
Accounts Receivable (Loans to others):
Other Income:
(Less) Deductible liabilities only:

Estimated Nisab Y2013:

Amount of Zakat Due:

                                                               

                                                               

 Recipients of Zakat:

The following eight categories of recipients are described in Surah at-Taubah (9) as deserving of zakat:

a) those who live in poverty (al-fuqera)

b) those who cannot meet their basic needs (al-masakin)

c) those who collect Zakat (Note: MCSS is a 100% volunteer organization and distributes all it collects)

d) those who sympathize with or lean towards Islam (for example new converts to Islam)

e) those who need to be freed from bondage (for example in war zones or places of turmoil or in prisons)

f) those who are indebted and cannot meet their basic needs

g) those working in God's way

h) those who are traveling or in transition (for example refugees)

 

One of the most important principles of Islam is that all things belong to God, and that wealth is therefore held by human beings in trust.

The word Zakat means both 'purification' and 'growth'. Our possessions are purified by setting aside a portion for those in need, and, like the pruning of plants, this cutting back balances and encourages new growth.

Zakat is the amount of money that every adult, mentally stable, free, and financially able Muslim, has to pay to support specific categories of people.

 
 Nisab: 

Zakat is obligatory when a certain amount of money, called the nisab is reached or exceeded. The nisab (or minimum amount) of gold and golden currency is 20 mithqal, this is approximately 85 grams of pure gold. One mithqal is approximately 4.25 grams. The nisab of silver and silver currency is approximately 595 grams of pure silver. The nisab of other kinds of money and currency is to be scaled to that of gold, 85 grams of pure gold. This means that the nisab of money is the price of 85 grams of 999-type (pure) gold, on the day Zakat is paid. (Current Gold Prices)

 

 When is Zakat Due ?

1. Passage of One Lunar Year:
Zakat is obligatory after a time span of one lunar year passes with the money in the control of it's owner. Then the owner needs to pay 2.5% (or 1/40) of the money as Zakat. (A lunar year is approximately 355 days).
2. Deduction of Debts:
The owner should deduct any amount of money he or she borrowed from others; then check if the rest reaches the necessary nisab, then pay Zakat for it.

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