Ask a Question
Want to ask us a question? If our FAQs don’t have the answer, fill in this form and we’ll get back to you.
Video: How to calculate Zakat & when is it paid? - Imam Abid Khan
3 simple steps to calculate your Zakat
Calculating your Zakat isn’t as difficult as you think. At NZF, we find that breaking your assets down into different categories makes the Zakat calculation process a whole lot easier.
We have broken down the calculation process into three simple parts so that you can calculate the Zakat you owe with ease:
Part A: Your Zakatable assets e.g. cash, savings, gold, silver, business assets etc
Part B: Your deductible liabilities e.g. outstanding bills, immediate debts/short-term debts
Part C: Your final Zakat calculation – this will give you your net assets
Whether you have to pay Zakat or not will be determined once you have calculated your net assets. You then need to see whether your net assets are equal to – or exceed – the Nisab threshold (this is the minimum amount that you must own to be deemed wealthy enough to pay Zakat).
We have devised a fantastic online calculator to help you calculate your Zakat in the most efficient way but if you’re not a fan of doing things online (after all, not all of us are!) you can download our Zakat guide here and calculate your Zakat the traditional way! With your pen and paper!
These two opinions differ in that one takes liabilities into account, and the other does not. This is one of the major differences that exists in general Zakat calculation.
The Hanafi, Hanbali and Maliki schools are in agreement that debts are deductibles. The Shafi’i school have a difference of opinion in their school.