As one of the pillars of Islam, zakat al maal is a compulsory form of charity (almsgiving) which has the potential to alleviate the suffering of millions of people, it is paid from the Nissab (threshold) , defined below.
Muslims believe that paying zakat purifies, increases and blesses the rest of their wealth. God says, “Take out of their possessions a Sadaqa by which you purify and bless them, and pray for them. Your prayer is a peace of mind for them. And Allah is Hearing and Omniscient. Verse 103 of Surah Attawba.
Zakat al maal is also a spiritual connection with one’s creator. To purify your wealth for the will of Allah is to recognize that everything we have belongs to him. It is for him that we strive to end poverty and help our brothers and sisters.
Zakat al maal
According to the majority of currents of jurisprudence Zakat al-Maal represents 2.5% (tax rate) of the wealth that has remained in the possession of the Muslim for more than a year. Provided it has not been used for at least one lunar year. If wealth is below a threshold, called Nissab, no zakate is payable. If wealth exceeds the nissab, zakate becomes obligatory.
Nissab zakat 2022
After consultation with the gold courts; the threshold (nissab zakate al mal) is calculated from the annual average price of a gram of gold (24 carats = 53.47 euros).
The nissab is thus set at 4.545 euros, i.e. 85g (calculation reference) × 53.47 euros.
This threshold changes from year to year, depending on the fluctuation of the gold price. Another way to calculate the zakate threshold is to calculate the average price of 595 g of silver. This is the Hanafi way of calculation. For 2021, the gram of silver sold for 74 euro cents, i.e. a nissab of €441 (595 x €0.74).
What is Hawl?
The Hawl is defined as the period of completion of an active zakat, which is one lunar year. In other words, the wealth on which zakat must be paid must have been held for at least one full year. There are some forms of zakat that do not require hawl, such as for crops, where zakat must be paid at harvest time.
What is the Nisab?
The Nisab is the minimum amount of wealth a Muslim must have – after calculating the necessary expenses – to be able to contribute zakat al mal 2022. Nisab equals the current value of 3 ounces of gold.
When to give zakat al maal?
Zakat al maal is given at the end of Hawl. The received idea that you have to pay zakat on the Hijri New Year is wrong.