"Zakat is one of the five pillars of Islam, making it a core act of worship. The word zakat means purification or growth and is commanded in the Quran as a means to purify wealth, promote social justice and help those in need. Zakat is mandatory for Muslims who meet the financial threshold, known as nisab, and is given annually at a fixed percentage of 2.5 (one-40th) of one's wealth."
"Since last Ramadan, the price of gold has nearly doubled, from about $2,900 per ounce to more than $5,100 today. A higher gold price directly affects zakat in two ways: First, it changes the eligibility threshold (nisab), meaning more individuals may now be exempt from paying zakat. Second, it increases the monetary amount owed based on one's gold holdings, resulting in a greater overall contribution to charity."
"Zakat is obligatory for adult Muslims whose wealth is above the nisab threshold, the minimum amount needed to be eligible to pay zakat. This year, the nisab is equivalent to 85g (3 troy ounces) of gold, or roughly $15,000 based on current market prices. Last year, the nisab was about $8,000."
Zakat is a compulsory Islamic charity pillar aimed at purifying wealth and promoting economic equality among Muslims. It is mandatory for adult Muslims whose total wealth exceeds the nisab threshold, currently equivalent to 85 grams of gold or approximately $15,000. The obligation requires contributing 2.5% of eligible wealth annually. While many choose to pay during Ramadan for spiritual rewards, zakat can be given anytime within a year. Rising gold prices significantly impact zakat calculations in two ways: they increase the nisab threshold, potentially exempting more individuals, and they increase the monetary amount owed by those holding gold. Zakat differs from sadaqah, which is voluntary charity given at any amount and time.
Read at www.aljazeera.com
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