Paying our zakat properly is crucial to help those in need and purify our wealth.
Ramadan is one of the most blessed times for a Muslim to give their zakat and receive even more blessings for their charity. But how much zakat do you owe for Ramadan 2023?
Here’s how you can calculate and pay your zakat in Ramadan 2023:
1. List Your Zakatable Wealth
The wealth a Muslim possesses on which zakat is due is:
Is absolutely owned by the possessor
Has grown within the past lunar year
Meets the minimum wealth threshold (or nisab) for each asset class
Exists in a quantity above one’s needs
Is not needed for the paying of debts
Examples of zakatable wealth include cash, savings, stocks, investment properties, business income and more. All of these types of wealth can be added easily into our Zakat Calculator.
2. Determine Your Zakat Liabilities
After adding up all of your zakatable assets, you must then subtract any debts or loans owed from your zakatable wealth. This will give you the Zakat Net Worth on which zakat is owed.
3. Calculate Your Zakat
Finally, the amount you owe for zakat is 2.5% of your Zakat Net Worth (zakatable assets minus liabilities).
