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Friday, September 4, 2009

Zakat Calculation Form: ISNA Canada

What is Zakat?
Zakat is an obligatory duty and one of the five pillars of Islam. It is mandatory when two conditions are simultaneously satisfied which are Nisab and the Due Date.

What is Nisab and its current value?
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 amount calculated based on 3 oz of pure Gold which is $2,580.00 as of 8/24/2009.

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 Ramadhan is considered to be the best time to pay Zakat.


ISNA Canada - Zakat Calculation Form - please click here

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