√ Just 2.5% per year

Zakat

Zakat is also a spiritual connection to one’s maker – to purify your wealth for the will of Allah is to acknowledge that everything we own belongs to Him, and it is for Him that we strive to end poverty and help our brothers and sisters.

According to the Hanafi madhab, zakat is 2.5% of wealth that has been in one’s possession for a lunar year. If wealth amounts to less than a threshold figure, termed the nisab, then no zakat is payable. If wealth amounts to more than the nisab, zakat becomes obligatory.

“And establish prayer and give Zakat, and whatever good you put forward for yourselves – you will find it with Allah.” (2:110, Qur’an)

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