Zakat Calculator Bangladesh

Zakat Calculation Formula:

\[ Zakat = \max(0, (Assets - Liabilities) \times 0.025) \text{ if above Nisab} \]

Zakat Payable:

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1. What is Zakat?

Zakat is one of the Five Pillars of Islam, an obligatory form of almsgiving for Muslims who meet the necessary criteria of wealth. It's a fixed portion (2.5%) of a Muslim's savings and wealth that is distributed to the poor and needy.

2. How is Zakat Calculated in Bangladesh?

The calculator uses the standard Zakat formula:

\[ Zakat = \max(0, (Assets - Liabilities) \times 0.025) \text{ if above Nisab} \]

Where:

\( Assets \) — Total value of all zakatable assets (cash, gold, investments, etc.) in BDT
\( Liabilities \) — All outstanding debts and immediate financial obligations in BDT
\( Nisab \) — Minimum threshold (current value of 87.48 grams of gold or 612.36 grams of silver)
0.025 — Fixed Zakat rate (2.5%)

Explanation: Zakat is only payable when one's net wealth (after deducting liabilities) remains above the Nisab threshold for one full lunar year.

3. Importance of Zakat Calculation

Details: Proper Zakat calculation ensures fulfillment of religious obligation, purification of wealth, and equitable distribution of resources to those in need according to Islamic principles.

4. Using the Calculator

Tips: Enter all monetary values in Bangladeshi Taka (BDT). Include all zakatable assets (cash, gold, business inventory, investments) and all immediate liabilities. The current Nisab value is preset but should be updated based on current gold/silver prices.

5. Frequently Asked Questions (FAQ)

Q1: What is the current Nisab value in Bangladesh?
A: As of 2023, the Nisab is approximately 50,000 BDT (based on silver standard), but this changes with gold/silver prices. Check current rates before calculation.

Q2: What assets are included in Zakat calculation?
A: Include cash, bank savings, gold/silver, business inventory, investments, and receivables. Personal items like home, car, and furniture are excluded.

Q3: How often should Zakat be paid?
A: Zakat is due annually once your wealth exceeds Nisab for one full lunar year (Hawl).

Q4: Can I deduct all my debts from Zakat calculation?
A: Only immediate/short-term debts can be deducted. Long-term debts like mortgages are not deducted unless payable within the year.

Q5: Where should Zakat be distributed in Bangladesh?
A: Zakat should be given to the poor and needy, Islamic institutions, or reputable Zakat organizations in Bangladesh that properly distribute it.