If it's time to spread the wealth and you don't know how much to give, follow this advice to calculate the right amount.
- Step 1: Multiple this number by .025 to get 2.5 percent. This is the total amount of zakat you need to donate to the poor. Adjust this calculation every year to properly figure out the amount you need to give thanks to God for all your wealth.
- FACT: Giving Zakat is one of the 5 pillars of Islam. These 5 pillars are the foundation of Muslim life. The other four include daily prayer, fasting, pilgrimage to Makkah and belief in the Oneness of God and the finality of the prophethood of Muhammad.
- Step 2: Subtract the nisab from your total wealth. You are now one step closer to calculating the zakat.
- TIP: The amount of gold and silver jewelry is not included, just gold and silver held as investments.
- Step 3: Calculate your total wealth. Add the amount of cash, gold, silver, 401K savings, investments, rent income, business merchandise and profits, shares, securities, and bonds.
- Step 4: Determine the value of 3 ounces of gold. This amount is referred to as nisab.