Purify your wealth while giving hope to those in need
Perform your religious obligation of donating 2.50% of your wealth through Zakat al-Maal or Almsgiving.
Purify your wealth while giving hope to those in need
Perform your religious obligation of donating 2.50% of your wealth through Zakat al-Maal or Almsgiving.
Purify your wealth while giving hope to those in need
Perform your religious obligation of donating 2.50% of your wealth through Zakat al-Maal or Almsgiving.
What is Zakat?
Zakat is the amount of money that every adult, mentally stable, free, and financially able Muslim, male and female, has to pay to support specific categories of people. To learn more, scroll down to Zakat 101 below.
Mufti Faraz Adam
Mufti Faraz Adam is a globally recognized expert in Islamic Finance, Islamic Social Finance & Islamic FinTech. He is advising several global Islamic financial institutions spread across the UK, US, Canada, Malaysia, Singapore, UAE and other countries. He recently authored a book on Islamic Fintech called ‘Introduction to Islamic Fintech’, and has written several research papers on Islamic Finance and complex products.
What is Zakat?
Zakat is the amount of money that every adult, mentally stable, free, and financially able Muslim, male and female, has to pay to support specific categories of people. To learn more, scroll down to Zakat 101 below.
Mufti Faraz Adam
Mufti Faraz Adam is a globally recognized expert in Islamic Finance, Islamic Social Finance & Islamic FinTech. He is advising several global Islamic financial institutions spread across the UK, US, Canada, Malaysia, Singapore, UAE and other countries. He recently authored a book on Islamic Fintech called ‘Introduction to Islamic Fintech’, and has written several research papers on Islamic Finance and complex products.
What is Zakat?
Zakat is the amount of money that every adult, mentally stable, free, and financially able Muslim, male and female, has to pay to support specific categories of people. To learn more, scroll down to Zakat 101 below.
Mufti Faraz Adam
Mufti Faraz Adam is a globally recognized expert in Islamic Finance, Islamic Social Finance & Islamic FinTech. He is advising several global Islamic financial institutions spread across the UK, US, Canada, Malaysia, Singapore, UAE and other countries. He recently authored a book on Islamic Fintech called ‘Introduction to Islamic Fintech’, and has written several research papers on Islamic Finance and complex products.
Zakat 101
The basics of Zakat. When, how, and who is eligible for zakat al-maal.
Passage of One Lunar Year
Zakat is obligatory after a time span of one lunar year passes from when a person initially owns wealth that equals the Nisab (threshold). Then, the owner needs to pay 2.5% (or 1/40) on the money in their possession at the end of the lunar year. A lunar year is approximately 355 days
Deduction of Debts
The owner should deduct any amount of money he or she borrowed from others; then check if the rest reaches the necessary Nisab then pay Zakat for it. If the owner had enough money to satisfy the Nisab at the beginning of the year, then the money increased (in profits, salaries, inheritance, grants, etc.), the owner needs to add the increase to the Nisab amount that they owned at the beginning of the year as long as they are still in ownership of it at the end of the year. Then, the owner pays Zakat (2.5%) of the total at the end of the lunar year. There are small differences in the Fiqh schools here - it is best to work out the details with your Local Mufti or Imam.
Each individual is responsible for their own Zakat
Each Muslim calculates his or her own Zakat individually. For most purposes this involves the payment each year of two and a half percent of one’s capital. A pious person may also give as much as he or she pleases as Sadaqa, and does so preferably in secret. Although this word can be translated as ‘voluntary charity’ it has a wider meaning. The Prophet (SAW) said, ‘Even meeting your brother with a cheerful face is charity.’
Zakat 101
The basics of Zakat. When, how, and who is eligible for zakat al-maal.
Passage of One Lunar Year
Zakat is obligatory after a time span of one lunar year passes from when a person initially owns wealth that equals the Nisab (threshold). Then, the owner needs to pay 2.5% (or 1/40) on the money in their possession at the end of the lunar year. A lunar year is approximately 355 days
Deduction of Debts
The owner should deduct any amount of money he or she borrowed from others; then check if the rest reaches the necessary Nisab then pay Zakat for it. If the owner had enough money to satisfy the Nisab at the beginning of the year, then the money increased (in profits, salaries, inheritance, grants, etc.), the owner needs to add the increase to the Nisab amount that they owned at the beginning of the year as long as they are still in ownership of it at the end of the year. Then, the owner pays Zakat (2.5%) of the total at the end of the lunar year. There are small differences in the Fiqh schools here - it is best to work out the details with your Local Mufti or Imam.
Each individual is responsible for their own Zakat
Each Muslim calculates his or her own Zakat individually. For most purposes this involves the payment each year of two and a half percent of one’s capital. A pious person may also give as much as he or she pleases as Sadaqa, and does so preferably in secret. Although this word can be translated as ‘voluntary charity’ it has a wider meaning. The Prophet (SAW) said, ‘Even meeting your brother with a cheerful face is charity.’
Zakat 101
The basics of Zakat. When, how, and who is eligible for zakat al-maal.
Passage of One Lunar Year
Zakat is obligatory after a time span of one lunar year passes from when a person initially owns wealth that equals the Nisab (threshold). Then, the owner needs to pay 2.5% (or 1/40) on the money in their possession at the end of the lunar year. A lunar year is approximately 355 days
Deduction of Debts
The owner should deduct any amount of money he or she borrowed from others; then check if the rest reaches the necessary Nisab then pay Zakat for it. If the owner had enough money to satisfy the Nisab at the beginning of the year, then the money increased (in profits, salaries, inheritance, grants, etc.), the owner needs to add the increase to the Nisab amount that they owned at the beginning of the year as long as they are still in ownership of it at the end of the year. Then, the owner pays Zakat (2.5%) of the total at the end of the lunar year. There are small differences in the Fiqh schools here - it is best to work out the details with your Local Mufti or Imam.
Each individual is responsible for their own Zakat
Each Muslim calculates his or her own Zakat individually. For most purposes this involves the payment each year of two and a half percent of one’s capital. A pious person may also give as much as he or she pleases as Sadaqa, and does so preferably in secret. Although this word can be translated as ‘voluntary charity’ it has a wider meaning. The Prophet (SAW) said, ‘Even meeting your brother with a cheerful face is charity.’
The common categories of people eligible for Zakat in Canada
Fakir: One who has neither material possessions nor means of livelihood.
Gharmin: One who is in debt (money borrowed to meet basic, Halal expenditure).
Miskin: One with insufficient means of livelihood to meet basic needs.
Ibn Sabil: One who is stranded.
The common categories of people eligible for Zakat in Canada
Fakir: One who has neither material possessions nor means of livelihood.
Gharmin: One who is in debt (money borrowed to meet basic, Halal expenditure).
Miskin: One with insufficient means of livelihood to meet basic needs.
Ibn Sabil: One who is stranded.
The common categories of people eligible for Zakat in Canada
Fakir: One who has neither material possessions nor means of livelihood.
Gharmin: One who is in debt (money borrowed to meet basic, Halal expenditure).
Miskin: One with insufficient means of livelihood to meet basic needs.
Ibn Sabil: One who is stranded.
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The above calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and for informational purposes and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. This calculation assumes a constant financing/profit rate throughout the term period and that the financing/profit rate is compounded annually, not in advance. The mortgage payment amount may vary according to certain variables entered into the calculator and may not provide the precise dollar amount of your mortgage payment. The results will give you a general idea of the basic mortgage amount and mortgage payment amount based upon the information you have entered. Manzil does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator. Manzil uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate, complete or current at all times. Please speak with your mortgage broker to assist you with determining what you can afford.
Give your Zakat today!
Explore giving your Zakat with one of our partners today. Click on the partner to learn more and give your Zakat.
SAKEENAH, Canada
Your support can provide life-changing assistance to women and families across Canada. Partner with us and help fund essential programs by Sakeenah, dedicated to providing safe transitional housing, critical resources, and community support for vulnerable individuals. - Safe Transitional Homes - The People's Market - Child & Youth Programs - Trusted, Zakat-eligible charity
UNHCR
The Manzil Foundation in partnership with UNHCR, will provide housing, education, and stability while supporting sustainable giving through Waqf endowments and halal microfinance for small businesses. Together with UNHCR, the Foundation uplifts refugees and vulnerable communities, ensuring access to dignified living, education, and economic opportunities. - 100% distributed to displaced persons - Zakat Fund is Sharia compliant - Today 60% of refugees and IDPs are from OIC countries and fall under 4 out of 8 Zakat categories
Give your Zakat today!
Explore giving your Zakat with one of our partners today. Click on the partner to learn more and give your Zakat.
SAKEENAH, Canada
Your support can provide life-changing assistance to women and families across Canada. Partner with us and help fund essential programs by Sakeenah, dedicated to providing safe transitional housing, critical resources, and community support for vulnerable individuals. - Safe Transitional Homes - The People's Market - Child & Youth Programs - Trusted, Zakat-eligible charity
UNHCR
The Manzil Foundation in partnership with UNHCR, will provide housing, education, and stability while supporting sustainable giving through Waqf endowments and halal microfinance for small businesses. Together with UNHCR, the Foundation uplifts refugees and vulnerable communities, ensuring access to dignified living, education, and economic opportunities. - 100% distributed to displaced persons - Zakat Fund is Sharia compliant - Today 60% of refugees and IDPs are from OIC countries and fall under 4 out of 8 Zakat categories
Give your Zakat today!
Explore giving your Zakat with one of our partners today. Click on the partner to learn more and give your Zakat.
SAKEENAH, Canada
Your support can provide life-changing assistance to women and families across Canada. Partner with us and help fund essential programs by Sakeenah, dedicated to providing safe transitional housing, critical resources, and community support for vulnerable individuals. - Safe Transitional Homes - The People's Market - Child & Youth Programs - Trusted, Zakat-eligible charity
