About Zakat Al-Mal:
Zakat is an annual tithe on one’s wealth or possessions and is one of Islam’s obligations and one of its five main pillars. Zakat Al Mal is purifying the soul from selfishness and purifying the heart from the love of the material by giving to the Allah and the Muslim community.
Here is our guidelines on how to calculate Zakat Al-Mal needs to be 2.5% of ones total saved wealth in a full year period and must be intended for those less fortunate so that they are able to purchase the bare necessities. Do not confound Zakat Al-Mal with Zakat Al-Fitr.
Who Should Pay Zakat?
Zakat is one of the five pillars of Islam. As such, it is compulsory on Muslims, provided they meet certain conditions and criteria. Any Muslim who possesses the required nisaab (the minimum amount of wealth that one must have before zakat is payable) for one whole year is bound to pay Zakat on that wealth. It is imperative that Muslims know exactly how much Zakat they owe and How to Calculate Zakat so that the right amount can be given to the intended recipient.
Related topic: Qurban Australia