Zakat Fund

WHAT IS ZAKAT / (ZAKAH) ?

Zakat, meaning to purify, is the third pillar of Islam. It denotes the amount of wealth a Muslim is obligated to pay to particular categories of underprivileged people, if their annual wealth exceeds a specific amount.

Every sane, adult Muslim whose wealth exceeds the value of nisab, must pay Zakat. Muslims very little or no income, who are new to Islam, in debt, stranded whilst travelling, working in the cause of Allah or in bondage, in addition to those who administer Zakat, are all entitled to receive Zakat. 

Pay your Zakah with MWT and be confident that your money will be discharged in the correct Islamic manner.

NISAB VALUES

Nisab is the exemption limit for the payment of Zakat. If a Muslim’s net yearly savings falls below this amount, he or she is exempt from paying Zakat. Only those people whose net capital exceeds the nisab values are obliged to give zakat.

The Nisab is the threshold that was set by the Prophet (pbuh) at a rate equivalent to:

87.48 grams of gold

612.36 grams of silver

(Search Google for the silver price per gram for today and multiply by 612.36 to get the nisab level for today)

Keep in mind that in addition to cash, Zakat is also owed on gold, silver, investments, rent income, business merchandise and profits, shares, and bonds. Any of these must be taken into account when determining the Zakat amount.