As one of the five pillars of Islam, Zakat is incumbent upon Muslims who fall into certain categories. Muslims are required to donate 2.5% of their wealth, above a minimum threshold. This annual form of charity is known as Zakat.
Zakat is calculated as a percentage (2.5%) of wealth you have possessed and are wholly able to dispose of for a lunar calendar year 2016, above a “nisaab” value. Nisaab is calculated as a certain weight in gold or silver, depending on the composition of your wealth. Usually the Nisaab value is calculated based on 595 grams of silver. This year the minimum threshold of wealth you must have held for an entire year before paying zakat is £195 or US$306.
Short term and long term liabilities are deducted against your assets for your final zakat calculation. So any (halal) debts that you owe, any business costs, taxes or other liabilities that you expect to pay in the next year should be deducted before making your final calculation.
Mansoor is an impartial resource to help you calculate your zakat for 2016 in an authentic professional way and help you decide where to pay your zakat. You may also have zakat payments that you have forgotten or neglected to make in previous years. Mansoor advisory is packed with analysis and knowledge of zakat from a Shariah perspective.