ZAKAT CALCULATOR

"A time will come when one will not care how one gains his money, legally or illegally"

Hadith – Sahihi Bukhari

ZAKAT

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Zakat (Alms giving) is a part of devotion enjoined upon Muslims by the Holy Qur'an. It is a means where the well-off pay a set amount of their wealth. Zakat means to purify oneself. It is obligatory on Muslims to pay a little percentage of their accumulated wealth via Zakat, which is used for a benefit of the needy and the poor.
Zakat is not levied on one's property that is in personal use, rather on the assets which have a means of increasing and which are surplus to one's needs. It is a means of social justice and order. It teaches sympathy of the highest order.
The obligation of Zakat is mandatory on every Muslim who possesses the minimum Nisaab (Nisaab is the minimum amount of wealth owned by an individual for one year that obligates the individual to pay Zakaat (ie) Pure Gold = 87.48 gram or Pure Silver = 612.36 gram), whether the person is man, woman, young, old sane or insane. Because the proof of Zakat in Al-Qur'an and Sunnah is general and does not exclude young or insane. Allah (swt) stated that: "Of their goods take alms so that thou mightiest purify and sanctify them…" (Surah Tawbah Ayah 103).
Anas bin Malik reported that Rasulullah (saw) said: "Trade with the money of the orphan, lest it is eaten up by Zakat." (At-Tabraani) in another Hadith "Amru bin Shuaib related from his grandfather that Rasulullah (saw) said: "Whoever is entrusted with money of an orphan should trade with it and should not leave it sitting to be used up by charity." (Tirmidhi).
The point of reference in these reports is that the Messenger (saw) urged the trustee on the estate of people who due to age or other reasons can not manage their own financial affairs, to invest it in a business that will yield a return and make it grow until they are in a position to do so themselves. For, if proper investment is not made with an orphan's inheritance, it will be depleted by charity, thus leaving the orphan with little or nothing.
The Qur'an demands that individuals take material responsibility for poverty and suffering in the Muslim community (Ummah). That is why the Qur'anic revelation demands that each person gives up a certain amount of material wealth to support the poor, the indigent, the sick, and the suffering.
Generally, charity in Islam is of two types: voluntary and obligatory. A Muslim should pay a certain percentage of his wealth every year; this is Zakat, which is obligatory charity. Any other money Muslim spent for the sake of Allah (swt) is voluntary charity (Sadaqa). All Muslims, rich or poor are to pay charity proportionally.

Allah (swt) says:

"And whatsoever you spend of anything (in the cause of Allah), He will replace it. He is the Best of those who grants sustenance." (Surah Saba Ayah 39)."

Charity purifies the human personality by removing selfishness, greed and materialism. It creates compassion, care, love and kindness among Muslims and it makes a person more thankful to Allah (swt). Zakat helps the needy and provides funds for good causes and for community projects.
Shariah stated clearly the rates for Zakat;
a) Wealth: 2 ½ % annually
b) Produce:
i. 5% on all items which are produced by interaction of both labor and capital
ii. 10% on items which are produced such that the basic factor in producing them is either labor or capital
iii. 20% on items which are produced neither as a result of capital nor labor but actually are a girt to Allah (swt)
A poor person does not have to give Zakat. Generally, it is 1/10 of fruits and produce of the soil, but 1/40 of money and merchandise, who possesses the minimum Nisaab (Nisaab is the minimum amount of wealth owned by an individual for one year that obligates the individual to pay Zakat)
Zakat can be given as of personal possessions to an individual; it can also be spent on projects for his welfare.
Zakat should be given to the poor, needy and on the collective requirements of the Muslims.
In fact, no other economic system gives financial aids to individuals in debt or to wayfarers as Islam does.
Aricle source : hadithway@gmail.com
Zakat calculator source: http://www.afic.com.au