What is Zakat?
Zakat, or almsgiving, is one of the five pillars of Islam, along with prayer, fasting, pilgrimage (Hajj) and belief in Allah (SWT) and His Messenger, Prophet Muhammad (SAW). For every sane, adult Muslim who owns wealth over a certain amount – known as the nisab – he or she must pay 2.5% of that wealth as Zakat.
“…and those in whose wealth there is a recognised right, for the needy and deprived” (Qur’an 70:24-5)
What is Nisab?
The nisab is the minimum amount of wealth a Muslim must possess before they become eligible to pay Zakat. This amount is often referred to as the nisab threshold.
Gold and silver are the two values used to calculate the nisab threshold. The nisab is the value of 87.48 grams of gold or 612.36 grams of silver.
Nisab Value (as of 09/04/2020):
Using value of silver (612.36 grams) – approximately £243.11
Using value of gold (87.48 grams) – approximately £3,787.88
Your Zakat has funded some of our vital work with people and communities living below poverty. Your contribution has enabled communities to build sustainable livelihoods and enabled better lives for vulnerable widows and families across Bangladesh.
Zakat: A sacred pillar
Zakat is not just a fundamental pillar of Islam. It is also a revolutionary concept with the potential to ease the suffering of millions around the world.
As Allah (SWT) tells us in the Holy Qur’an:
“And be steadfast in prayer and regular in charity: And whatever good ye send forth for your souls before you, ye shall find it with Allah”(Qur’an 2:110)
It is also a right that the poor have over us as for
“Those in whose wealth there is a recognised right for the needy and the poor” (Qur’an 70:24-25)
During the month of Ramadan you can contact for any specific queries to DR Yusuf Abdul-Jobbaar | Ambassador – Cap Foundation specialising in Zakat & Islamic Finance
Here’s a list of Frequently Asked Questions that you can use for further guidance:
What is Zakat?
How much is Zakat?
Who is eligible to receive Zakat?
What is Hawl?
I received a large amount of money just before my Zakat was due for this year. Do I include it in this year’s Zakat?
Beneficiaries of Zakat
What is the definition of the poor and needy?
Can I give Zakat to my family members?
What kind of projects do Zakat funds support?
How Cap Foundation spends Zakat