Wealth Zakat Threshold 2024 - Amount of Required Wealth Zakat
The Wealth Zakat calculator is based on the wealth thresholds set in Islamic Sharia. For example, the threshold for Hijri Zakat requires the presence of wealth equivalent to 85 grams of gold, while the threshold for Gregorian Zakat requires wealth equivalent to 595 grams of silver. If the value of your wealth exceeds these thresholds, then you are obligated to pay Zakat.
How to Calculate Wealth Zakat
The calculator calculates the amount of Zakat due based on the input values and the Sharia laws related to Zakat. If the value of your wealth exceeds the specified threshold according to the selected calendar and the prices of gold and silver, the calculator will calculate the specified Zakat percentage (2.5% in Hijri Zakat and 2.577% in Gregorian Zakat) and determine the Zakat compliance status as "Yes" while calculating the due amount.
The calculator returns an object containing Zakat information, including Zakat compliance status ("Yes" or "No"), the due Zakat amount, and the minimum wealth eligible for Zakat.
The gold considered in determining the Zakat threshold is 24 karats because 21, 18, and other karats are not pure gold; they are mixed with other metals and alloys. If someone has gold of another karat, such as 22, 21, 18, 14, 10, or any other, Zakat is obligatory only on the pure part of it.
Source: Islamic Relief WorldwideLast Reviewed On: 02/07/2023