To be liable for zakat, one’s wealth must amount to more than a threshold figure, termed the ‘nisab’.
To determine the nisab, there are two measures: either gold or silver.
Gold: The Nisab by the gold standard is 3 ounces of gold (87.48 grammes) or its cash equivalent. This is approximately £4,144.80 for gold as of 01 April 2022, but will vary with the market value of gold.
Silver: The Nisab by the silver standard is 21 ounces of silver (612.36 grammes) or its equivalent in cash. This is approximately £373.54 as of 01 April 2022.
The zakat year begins on the date on which you were first in possession of wealth above the nisab.
This will be your seed date, whenever it comes around you will have to calculate zakat, irrespective of any fluctuations in the amount of wealth in your possession.
The only situation in which your seed date will change is if you were to become totally bankrupt and lose all of your assets and belongings. In this situation, your new seed date will begin when you are once again in possession of wealth above the nisab.
If you are unsure of your seed date, then estimate it to the best of your ability.
Zakat al-Fitr (fitrana) amount is £7 per person
Before the Eid al-Fitr prayer at the end of Ramadan, every adult Muslim who possesses food in excess of their needs must pay zakat al-Fitr (fitrana). The head of household can also pay zakat al-Fitr for their dependants such as children, servants and any dependent relatives.
Zakat al-Fitr can be paid during Ramadan, before Eid al-Fitr prayers at the latest, so that the poor can enjoy the day of Eid.
The minimum amount due is the equivalent of about 2 kg of wheat flour, rice or other staple foodstuff, per member of the household, including dependants, even if they do not live in the same house. Approximately £5-£7 per head is a safe estimated amount.
Recipients of zakat al-Fitr are people who are poor and people who are in need – the same people entitled to receive general zakat.
Hasanah Aid acts as your charitable agent, using your zakat al-fitr to buy and distribute food on your behalf.