Our algorithm considers the current Rial Price & historical data over the last 20 years (provided by Oanda). The computation is done chiefly using an excel worksheet to save the result locally on his computer for future reference. You can also download your Zakatable assets as a printable table (Excel). However, we do not guarantee the accuracy of the result as there is no such thing as ‘exact calculations for zakat.’ Zakat is to be paid only if one has surplus funds after meeting their essential expenditure & those of their dependents.
Zakat is a form of alms-giving that is obligatory for all Muslims, based on the wealth that one has accumulated. Zakat should be paid to an Islamic center or a registered charity after Ramadan before Eid ul Fitr.
In June 2013, there was considerable media interest in Zakat from Australia. The author conducted a national study of Zakat in Australia, which summarizes the results. This study aims to explain how Zakat might be raised in Australia, who should receive it and how much they should receive. The hope is also to build awareness among Australian Muslims about their duty regarding Zakat.
How does Zakat Calculator decide the amount of Zakat?
Zakah rate changes every year, and it is usually advised to pay one-tenth of your annual savings or wealth before Eid ul Fitr. This amount increases or decreases depending upon an individual’s unique circumstances. E.g., If you have a specific financial goal during next year, you can adjust accordingly by entering your expected expenses against your Zakatable assets. You can enter your different expenses such as Hajj, marriage, the birth of a baby, etc. You will get the exact amount to pay so that you remain within the limits of the Islamic finance system. Even if you find yourself below the minimum limit for paying Zakat after using the tool, we still advise doing charity in various forms.
We hope that our service has proved helpful to Muslims around the world. It successfully achieves its desired goal: “To help Muslims & non-Muslims alike increase their financial knowledge and take tangible steps towards fulfilling their own essential needs & betterment of fellow human beings.”
According to Sharia laws, Zakat Calculator is an online tool that calculates your savings or assets eligible for Zakah calculation (Islamic tax). Launched on 17 July 2013, it’s free, simple & easy to use anywhere you go! According to high-end algorithms developed over the years, it provides accurate results with detailed info. As per our user feedback, we can proudly mention that our tool is valid even for those who are not well-versed with the Islamic finance system.
One of the site’s main attractions is its simplicity, which allows anyone to calculate their Zakat eligibility without any prior knowledge of Zakat laws. With simple steps and a user-friendly interface, you can easily extract your zakatable assets to pay it accordingly after Ramadan.
We have also customized this service for various NGO’s or Charitable Trusts so that they can track/submit a list of contributors (people who paid Zakat) towards their organization online using unique usernames & passwords. This will help them in receiving money directly into their bank account!
Even those Muslims who are not financially well-off and do not fall into the category of Zakat can also benefit from this site by:
- Allowing them to calculate their needs for Haji/Umrah etc.
- They turn themselves towards giving charity in many ways (food, clothes, books, etc.).
- Offering free services like teaching Quran, offering funeral prayer, marriage proposal letters, etc., to needy Muslims.
- Engaging in web-based business that does not compromise on Islamic ethics!
- Learning about Islam & how it is relevant to our modern-day life!
- Get a reward by simply using our service without paying any cash out of their pocket!
- Learning valuable lessons on how to become a globally competitive Muslim.
More importantly, this service is not only meant for Muslims who are financially well-off but anyone who has some assets, either in cash or kind. Even if you have saved $ 1 in your account for your daughter’s education, our Zakat Calculator can help you extract it as eligible Zakat. It will be sent to a registered charity of your choice after Ramadan. No cash out of pocket!