ICCI Zakat al-Maal
Zakat al-Maal
Zakat is the third pillar of Islam, and is the pillar which upholds the financial and social basis of the society. Indeed, it is Zakat that treats poverty, deprivation, and homelessness, and contributes towards raising the word of Islam in the way of Allah Almighty. Thus, Zakat is intended for the needy amongst Muslims, and for those who assist and help those needy Muslims in various manners and methods.
Zakat is 2.5% of wealth that has been in one’s possession for a lunar year. If wealth amounts to less than a threshold figure, termed the nisab, then no zakat is payable. If wealth amounts to more than the nisab, zakat becomes obligatory.
The contemporary majority of the Muslim scholars and most of the specialized sessions in Zakat calculate the Zakat of money and commodities on the basis of the minimum of gold - 20 Mithqals i.e. 85 grams of pure gold (24k 999 purity) which is currently evaluated to be €4351. One should pay Zakat i.e. 2.5% if he/she owns the value of the minimum of gold i.e. 85 grams of pure gold at the end of the year and not the middle or the beginning provided that the other conditions are fulfilled.
Current nisab values:
Using value of gold (85 grams of pure gold) – approximately €4,351