Zakat: Your Questions Answered
What is Zakat?
Zakat is one of the five pillars of Islam. It is a charitable duty that purifies wealth and is incumbent upon adult Muslims.
How much money do I have to possess to qualify?
You should pay Zakat if your wealth is equal to or above the Nisab (threshold), which varies each year and is based on the price of silver. Currently, the Nisab is approximately €4057.90, so any money or assets you have above this amount hold a duty of Zakat.
What possessions do I pay Zakat on?
Any gold, silver, jewellery, stocks and shares, savings, money you have loaned to others, property, pensions and business stock should be included in your Nisab calculation.
How much Zakat do I pay?
In concrete terms, you pay approximately 2.5 percent of your wealth to Zakat.
When should Zakat be paid?
Once a person reaches the Nisab and a lunar year (hawl) has passed by, then Zakat is due immediately.
What does one do about missed Zakat payments?
If one has missed Zakat payments over the years, then one must make a calculated estimate of the Zakat missed for each year and discharge it accordingly. These payments are still binding on him even if many years have passed by and whether or not he knew they were obligatory.
Give your Zakat through Human Appeal and rest easy knowing that you are fulfilling your duty as a Muslim and transforming the lives of those most vulnerable.Pay Your Zakat Now