Minimum Income For Zakat

While tithing calls for 10 of a person s income zakat advises a person to give just 2 5 of their total wealth.

Minimum income for zakat. Nisaab ul zakat for naqd gold and silver is defined as the minimum amount of naqd specified by shari a below which one is not required to pay zakat whereas if one s wealth exceeds it then zakat becomes incumbent. For example the nisab for zakat harta in the state of selangor for the period of july to december 2018 was set at rm14 162. The common minimum amount for those who qualify is 2 5 or 1 40 of a muslim s total savings and wealth. It is customarily 2 5 or 1 40 of a muslim s total savings and wealth above a minimum amount known as nisab but islamic scholars differ on how much nisab is and other aspects of zakat.

Nisab must be maintained for one lunar year for zakat to be required and must be paid as soon as it is due. However it is nowhere near as high as tithing. You must pay zakat if firstly you are an adult muslim of sound mind and secondly you have possessed the minimum amount of wealth known as nisab for one lunar year. Zakat on wealth is based on the value of all of one s possessions.

The more zakat that is paid the more beneficial it is to the poor and needy. Zakat is based on income and the value of possessions. Each year between 200 billion and. This date could be 1st ramzan or any other date as per lunar calendar.

Zakat on salaried income advance planning is always better determine your zakat due date. This is required for valuation of zakatable wealth. To read more about detailed information on zakat click here hidaya foundation is a 501 c 3 non profit with tax id 77 0502583. The minimum amount called nisab is the equivalent of 85g of gold and differs from state to state on a periodical basis.