Give Zakat, Give Hope
"True piety is this: to believe in God, and the Last Day, the Angels, the Book, and the Prophets, to give of one's substance, however cherished, to kinsmen, and orphans, the needy, the traveller, beggars, and to ransom the slave, to perform the prayer, to pay the zakat." - Surah Baqarah
Importance of Zakat
Zakat has many spiritual and worldly benefits. Muslims believe that by paying Zakat, they are doing Allah’s will and acknowledging that all of their wealth comes from Allah as a loan – they do not own anything themselves. By performing Zakat, Muslims learn to behave with honesty and to place less importance on material possessions. Zakat is about practising self-discipline and freeing oneself from greed, the love of money, and the love of oneself.
How Much to Give?
The usual amount donated is 2.5% of a person’s total cumulative wealth in one lunar year. The value of the Nisab in prophetic tradition is 87.48 grams of pure gold, or 612.36 grams of silver. The monetary value of the Nisab will vary by current prices, and scholars recommend that Muslims apply the Nisab value of silver instead of gold, to ensure that more people are eligible for Zakat.
When to Pay Zakat?
The date that your wealth equals (or is greater than) the Nisab should ideally be marked as the beginning of your first Zakat year. Once one lunar year (Hawl) has passed, then you should pay Zakat. It’s a good idea to keep paying on the same date (or thereabouts) each year, in order to ensure that you adequately fulfil this spiritual duty. If you can’t remember when you first started to own the Nisab, choose a special Islamic date that’s easy to adhere to. Many people choose to give their Zakat in the month of Ramadan, because it is a time of great blessings and the rewards for good deeds are believed to be even greater in this sacred month.
