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How To Calculate Zakat With An Example?
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- How To Calculate Zakat With An Example?
How To Calculate Zakat With An Example?
The person met their basic needs. A year later, he had £3.800 in money, 50g of gold (jewelry), £1.250 in savings or money in housing savings.
50g of gold itself is not a quantitative amount. However, this time is subject to Zakat because other means exceed the quorum.
Then 50g x £40.48* = £2,024
Accordingly: £3,800 + £2,024 + £1,250 = £7,074 . From this amount, %2.5 needs to be paid as Zakat.
This means £7,074 x 0.025 = £176.85 Zakat.
The gram calculation of gold should be determined according to the date when Zakat is paid.
* Gram price of 22k gold on 10/05/2020: £40.48