ZAKAT

Zakat Request

  • The Zakat committee reports to the ICIE Treasurer and is chartered to facilitate the distribution of Zakat and Sadaqa monies in accordance with the principles of Islamic Laws and in compliance with the Federal and State guidelines and laws.
  • All Zakat and needy family applications are directly forwarded to the Zakat Committee. The Zakat Committee takes great care in ensuring total confidentiality so that the dignity of our Muslim brothers and sisters is maintained. The Zakat committee assesses the needs of the applicant and issues recommendations based on its guidelines to the ICIE finance office.
  • All individuals applying for Zakat or Sadaqa are required to complete and submit a Zakat Application. Please print the form, complete it, and drop it off at office or email to zakat@ranchomasjid.org

Zakat Application:

Download the Zakat application from here PDF.

What is Zakat?

Offering zakat is a religious obligation for Muslims, and is the third of the five pillars of Islam (right after prayer). In Arabic, zakat means purification, growth and blessing. Paying zakat is meant to remind Muslims to be appreciative of the blessings that Allah (Subhana Wa Ta’ala) has bestowed upon them, and to help empower those who have less. It is mandatory when two conditions are simultaneously satisfied which are Nisab and the Due Date.

What is Nisab and its current value?

Zakat is payable on 2.5 percent of the wealth one holds above the “nisab”. Nisab is the exemption limit for the payment of Zakat. In other words, it is the amount which savings or capital or product must exceed in order for the Muslim owner to be obliged to give zakat ” Nisab, which is equal to the value of three ounces of pure gold, is the amount of wealth one must have before being liable to pay zakat. As of (05/19/2017), nisab is estimated to be $3,744 [Source www.e-nisab.com]. (This figure may change daily depending on fluctuations in the gold exchange rate.)

Zakat is owed on gold, silver, cash, savings, investments, rental income, business merchandise and profits, shares, securities, and bonds.

When is Zakat due date?

Zakat is due after one Lunar (Hijri) year starting from either the first day you acquired the amount of Nisab or the day you paid Zakat last year. The month of Ramadan is considered to be the best time to pay Zakat.

We urge you dear brother/sister to calculate your Zakat now and to pay it as soon as possible

Zakat Calculator

This year’s nisab value is $3,744


Assets

Cash on hand
This is the total amount of cash at home and in your wallets

Balance Held in Bank Accounts (checking, savings & business)
Monetary value

Retirement Plans (401K, IRA & pension)
Note: Subtract penalty & taxes from the withdrawable amount

Business Inventory (wholesale value)

Rental Income (from rental properties)

Gold & Silver (at current value)

Loans (money lent to others)

Other Income (gifts, allowances, bonuses)

Resale Value of Shares (stocks & mutual funds).

Liabilities

Debts (loans, 1 month mortgage payment, 1 month car payment)

Expenses for the Current Month (rent, utilities, etc.)

Wages Due to Others (personal or business)

Total Zakatable Amount

Nisab* (Gold Standard)

$3,744

2.5 % of zakat