Zakaat
BACKGROUND
The literal meaning of the word Zakaat is “that which purifies”. The disbursement of Zakaat is to purify the wealth which one generates. Other meanings of the word “Zakaat” relate to cleanliness, growth, blessing and praise.
Zakaat is the most basic form of charity in Islam, which is to be paid on an annual basis, used to help those who are less fortunate within society. Being one of the five pillars of Islam, it is obligatory for Muslims to pay 2.5% of their annual income as a part of fulfilling their Islamic duties.
Zakaat Nisaab
The nisab is the minimum value of wealth one must possess in order to pay Zakaat.
The Nisab was set by the Prophet Muhammad (peace be upon him) at a rate equivalent to 87.48 grams of gold or 612.36 grams of silver.
Nisab as at 2021 / 1442 AH
Nisab = R8 564.58
Gold = R945.11 / gram | (R29 396.94 / oz)
Silver = R13.99/ gram | (R435.02 / oz)
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Frequently Asked Questions
What is Zakaat?
Zakaat is a term referring to the obligation that every adult Muslim has to donate a certain proportion of wealth each year to charitable causes. Zakaat is mandatory on all Muslims whose wealth passes a threshold (called nisab in Arabic) that indicates they have enough wealth to share with those less fortunate.
The giving of Zakaat is more than just a recommended action for Muslims – it is one of the Five Pillars of Islam – the fundamental beliefs and actions which form the core of a Muslim’s life.
There exist guidelines and restrictions on who the beneficiaries of Zakaat can be
The amount one must pay for Zakaat is typically due at a rate of 2.5%, although it varies depending on the type of wealth.
Who is eligible to receive zakat?
In order to be eligible to receive zakaat, a person has to be classified as poor and/or needy. The definition of poor in the case of zakaat is that a person’s property (beyond his basic requirements) is not more than the required threshold.
Zakaat cannot be given to one’s immediate family, defined as one’s spouse, children, parents and grandparents.
Zakaat can be given anonymously, so that the recipient remains unaware of who provided the charity.
What are the categories of recipients?
The Quran defines 8 categories of people who can accept zakaat.
- The poor (al-fuqarâ’), meaning low-income or indigent.
- The needy (al-masâkîn), meaning someone who is in difficulty.
- Zakaat administrators/collectors
- Those who have recently converted to Islam
- Those in bondage, referring to slaves and captives
- Those in debt
- In the cause of Allah
- The wayfarer, referring to one who is stranded or travelling with minimal resources.
Why is Zakaat important?
Zakaat empowers communities and creates a social net for those living in poverty.
But besides the obvious benefits to recipients, it is interesting that the word Zakaat means to purify; it the wealth of the giver that is purified. The benefits to the giver are emphasized as part of the lesson that giving in charity does not diminish what we have. Giving charity removes sin and brings us closer to Allah.
Zakaat is also described as a means of creating kinship amongst the Ummah, strengthening solidarity and increasing our love for each other as a community within the larger global society.
How much is the Nisab threshold
The Nisab was set by the Prophet Muhammad (peace be upon him) at a rate equivalent to87.48 grams of gold and 612.36 grams of silver (85 grams of gold and 595 grams of silver according is another opinion).
Can I pay my Zakat in advance or arrears?
Zakaat can be pre-paid before your Zakaat anniversary. This is to encourage people to increase in worship and make the most of blessed times like Ramadan or the first ten days of Dhul Hijjah. If you do pay early, you still need to work out your Zakaat due on your Zakaat anniversary to make sure you’ve paid the right amount.
Points to remember
Zakaat is only due on assets held for more than a lunar year. Zakaat is not due on your main home. Mortgage loans should not be deducted from your assets. Businesses also need to pay Zakaat on their profits and stock.
Do you pay Zakaat on money owed to you?
If you’re owed money and are confident it will be repaid, or you’ve sold something and are due to receive payment, you need to pay Zakaat on these amounts.
"Purify Your Wealth by Paying Zakat"
