2.5% of total net yearly savings and assets.
Islam leaves no ambiguity whatsoever in terms of how much Zakat Muslims should pay. The real confusion, however, lies in determining what the total net yearly savings and assets are and how they should be calculated. This is not to say there isn't any information available to Muslims showing them how to do so. It's more a case of the world we live in today, where managing/calculating money and assets has become an increasingly complex and complicated affair.
Muslim Aid has made the whole process of paying zakat extremely easy and simple with their new and improved zakat Calculator. We've worked hard to make sure we take into account all the modern day variables on which zakat must be paid such as stocks, investments and pensions. These are some of the things that are often overlooked when calculating zakat. We believe we have created one of the most accurate and easy-to-use zakat calculators for the Muslim community. Just enter a few numbers and hit calculate. Our calculator will tell you exactly what you need to pay in zakat this year. Some noteworthy features of this calculator are:
Keep in mind that zakat is mandatory on all Muslim adults, who meet or exceed the nisab values. Nisab can be measured based on the current value of gold and silver. Islamic scholars in UK however, prefer nisab to be calculated specifically based on the value of Silver. For the convenience of our Muslim brothers and sisters, we will mention both values leaving it up to the users to decide which one they prefer to use.
For the latest prices on gold and silver, please click here.
We hope that you find this zakat calculator by Muslim Aid handy and useful. We urge all our Muslim brothers and sisters to fulfill their obligation of paying zakat this year. If you have unpaid zakat left from previous years, you can use this calculator to calculate zakat money owed for each year missed and add that to the total number. For more information, contact Muslim Aid at http://www.muslimaid.org/.