Zakat
Zakat: Purifying Wealth, Nurturing Community
The majority of Love Mercy Hope’s work is Zakat-eligible. We carry out programmes in 17 countries, delivering food and water, improving healthcare, increasing access to education, and assisting some of the world’s most vulnerable populations.
With just under half a decade of experience assisting the most vulnerable, we are constantly striving to challenge ourselves and build a more equitable, safer environment that empowers people we serve. When you donate Zakat, you are supporting this vision.
Nisab is the minimum total wealth required to pay Zakat. It is equivalent to 87.48 grammes of pure gold or 612.36 grammes of silver. The majority of scholars prefer the lower value since it allows more individuals to pay Zakat, resulting in more beneficiaries.
FAQs
Muslims above the age of puberty who are of sound mind are entitled to pay Zakat if they fulfil the requisite Nisab level.
To be eligible to pay Zakat, your extra wealth must exceed the Nisab value for a whole year. This is when your Zakat payment is due.
Zakat is due on:
Gold and silver, comprising decorations and jewellery made of gold and/or silver.
Cash stored at home or in bank accounts.
Stocks and shares are owned either personally or through investment funds.
Money that has been loaned to others.
Business inventory for commerce and products.
Agricultural produce.
Livestock animals include cattle, goats, and sheep.
Pensions.
Property held for investment reasons.
Zakat is required one year after your personal wealth has surpassed the Nisab threshold. To stay eligible to pay Zakat, your surplus wealth must be more than the Nisab for the whole lunar year.
For example, if your disposable money surpasses the overall Nisab value during Ramadan, your payment will be deferred until the following Ramadan, as long as your personal fortune stays above the threshold.
If your wealth falls below Nisab, you will no longer be entitled to contribute Zakat. Once your wealth reaches the Nisab level, you will begin counting 12 lunar months from that moment on.
Zakat can be paid in monthly installments. To accomplish this, split the total amount of Zakat payable by 12 and establish a regular payment with us, indicating Zakat as the kind of gift.
Sponsoring an orphan is another effective approach to offer Zakat on a monthly basis.
According to the Qur’an, there are eight categories: the destitute, those in debt, wayfarers, those in the cause of Allah (SWT), the needy, those whose hearts need to be reconciled, those who release captives, and those who collect and distribute Zakat payments.
If you have not paid Zakat in prior years when you were eligible, you must pay what you owe as quickly as feasible.
Missed Zakat would be computed in the same way as current Zakat, but using the Nisab value from the missed Zakat year rather than the current Nisab value.