Zakat, one of the five pillars of Islam, holds immense significance in the Muslim faith. It’s a means of purifying wealth, fostering social justice, and aiding those in need. But who exactly is obliged to pay Zakat? Enter the concept of Sahib e Nisab.
This term refers to an individual who possesses a certain amount of wealth, making them eligible for this obligatory act of charity. In this article, you will find the Zakat criteria for being Sahib e Nisab, and the benefits of fulfilling this essential Islamic duty.
What is Zakat?
Zakat, derived from the Arabic word “to purify,” is a mandatory charitable contribution that Muslims must give annually. It’s not just a religious duty but also a means of redistributing wealth within the community, ensuring that the less fortunate are taken care of. As one of the five pillars of Islam, Zakat stands alongside the Shahada (faith), Salat (prayer), Sawm (fasting), and Hajj (pilgrimage) as a fundamental aspect of the Muslim faith.
Who is Sahib e Nisab?
Sahib e Nisab refers to a person who owns wealth above a certain threshold, known as the Nisab. This threshold is equivalent to the value of 7.5 tolas of gold (approximately 87.48 grams) or 52.5 tolas of silver (approximately 612.36 grams). Additionally, cash and business commodities that equal the value of 52.5 tolas of silver also count towards this threshold. Once a person’s wealth exceeds this amount and a lunar year passes, they are obligated to pay Zakat.
Zakat Nisab in Urdu
زکات اسلام کے پانچ ارکان میں سے ایک اہم رکن ہے جو مالی عبادت کی ایک شکل ہے۔ زکات ان مسلمانوں پر فرض ہے جو صاحبِ نصاب ہیں، یعنی وہ افراد جن کے پاس مقررہ مقدار میں دولت موجود ہو۔ نصاب کی حد 7.5 تولہ سونا یا 52.5 تولہ چاندی یا ان کے برابر نقدی یا تجارتی اشیاء ہوتی ہے۔ جب ایک سال گزر جائے اور دولت نصاب کی حد سے زائد ہو، تو اس پر 2.5 فیصد زکات واجب ہوتی ہے۔ زکات کا مقصد غربت کو ختم کرنا اور معاشرتی انصاف کو فروغ دینا ہے۔ اس کے ذریعے دولت کی منصفانہ تقسیم ممکن ہوتی ہے اور ضرورت مند افراد کی مدد ہوتی ہے۔
Zakat Calculation
Calculating Zakat on Gold
To calculate Zakat on gold, first determine the total weight of gold you own. Convert this weight into grams, then multiply by the current market value per gram. Once you have the total value, calculate 2.5% of this amount. This is the Zakat due on your gold.
Calculating Zakat on Silver
The process for silver is similar to that of gold. Start by determining the total weight of silver you own, convert it into grams, and then multiply by the current market value per gram. Calculate 2.5% of this total value to find the Zakat due on your silver.
Calculating Zakat on Cash and Savings
For cash and savings, sum up all your bank balances, cash on hand, and any other liquid assets. Ensure this total amount is above the Nisab threshold. Then, simply calculate 2.5% of this amount as your Zakat.
The Role of Business Commodities
Zakat on Business Assets
Business assets, including inventory, raw materials, and goods for sale, are also subject to Zakat. To calculate, assess the market value of all business commodities. If this value exceeds the Nisab threshold, calculate 2.5% of the total as Zakat.
Inventory and Goods
All goods in stock, whether sold or not, are considered when calculating Zakat. Their market value at the end of the lunar year is used to determine the Zakat due.
The Importance of the Lunar Year
Islamic law requires that Zakat be calculated and paid based on the lunar calendar. This means that one lunar year (approximately 354 days) must pass over the wealth before Zakat becomes due. This ensures that the wealth has been in the person’s possession for a sufficient period, highlighting its stability and surplus nature.
Benefits of Paying Zakat
Social and Economic Impacts
Paying Zakat fosters economic equality by redistributing wealth from the richer segments of society to those in need. This practice helps to alleviate poverty, reduce inequality, and promote social cohesion.
Spiritual Benefits
On a spiritual level, Zakat purifies the giver’s wealth, promotes self-discipline, and fosters a sense of responsibility towards the community. It is a means of showing gratitude for the blessings one has received.
How to Pay Zakat
Methods and Recipients
Zakat can be paid directly to eligible recipients, such as the poor, the needy, or those in debt. It can also be given to organizations that distribute Zakat on behalf of the donor. It is essential to ensure that Zakat is given to those who meet the criteria set forth in Islamic law.
Ensuring Proper Distribution
To ensure proper distribution, donors should verify the authenticity and credibility of the organizations they are contributing to. This helps in maximizing the impact of their Zakat.
