1. Bank statements
2. Jeweler invoices
3. Stocks & dividends
4. Retirement accounts
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Nisab is the minimum amount you have to have in order to be able to pay Zakat. It is 595 grams of
silver or equivalent of it's cash value.
So, if silver is 89 cents per gram today, you need to have $529.55 or more Zakatable wealth to be
able to pay Zakat.
Does any of this sound confusing? Don't worry! We will take you step by step through the calculation
process.
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If you own Jewelry with gold or silver mixed with other metals and precious stones, go to your local jeweler and ask them to weigh your gold and silver from the jewelry.
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You may be familiar with the following types of investments:
1. Stocks/shares
2. 401k/IRA/ESA
3. RRSP/RESP
4. Real Estate investments
5. Retirement funds
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If you own stocks, you may be actively trading in the market as a swing or day trader. If that
describes you, you are an active investor.
If you are buying and holding stock, then you are a passive investor.
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Only the zakatable assets of the shares are liable for Zakat. Scholars, including Sh. Joe Bradford,
have allowed approximating this number to 30% of the market value of your stocks.
For example if the value of your portfolio at Costco Wholesale Corp. (COST) is $5000. $5000 x 30%.
Your Zakatable assets for your Costco portfolio are $1500.
Please enter the total value of your stock, and we will
handle all the calculations.
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Zakat is due on the market value of your crypto, regardless of whether your currency holdings are tokens (utility or work) or exchangeable coins.
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Depending on your country of residence, your pension funds and retirement savings may have a
different name.
There is a simple rule to follow when it comes to paying Zakat on it: If you have access to the
funds, Zakat is paid on it.
Only the zakatable assets of the funds are liable for Zakat. Scholars, including Sh. Joe Bradford,
have allowed approximating this number to 30% of the market value of your funds.
If you don’t have access to control or withdraw those funds, you only pay Zakat upon maturity when
you have access
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You may have the following types of assets:
1. Business inventory
2. International bank accounts
3. Livestock and food crops
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Immediately due means your next payment on your expenses. For example if you pay your car insurance monthly, you will deduct one month of car insurance payment.
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You may have the following types of expenses:
Housing
Upcoming rent or mortgage payments
Insurance
Upcoming home, auto and medical insurance payments
Utilities
Upcoming energy, water and internet bills
Transportation
Upcoming car payments
Your next upcoming expense is what is deducted
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The amount of Nisab prescribed during the time of the Prophet (saw) was 85 grams of gold (known as
dinar at the time) or 595 grams of silver
(known as dirham at the time). The dinar and dirham were interchangeably used in the markets in the
prophetic era.
The exchange rate was 1:10 at the time and therefore the Zakat payer ended up paying the same amount
whether he/she chose silver or gold Nisab.
However, there is a stark difference between silver and gold Nisab today and therefore majority of
scholars suggest the use of silver Nisab.
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Would you like to save your Zakat calculation first so that you can keep track of your annual Zakat
giving?
If you choose to save later, you may need to restart your calculation at that time.
This name is already in use. Please resave with a different name.
You currently have an active zakat goal and creating this one would overwrite it. Would you like to replace your previous goal?
Your Zakat start date
Start date is invalid.
Start date
{{entries.zakatStartDate | hijrah}}
End (due) date
{{entries.zakatAnniversary | hijrah}}
We’ve automatically set your Zakat end date to 1 lunar year from your start date.