How to Calculate Zakat
1. Cash on hand (wallet, purse, bank accounts, etc…)….______________________
2. Cash received from investments (business properties/vehicles, etc…)…._______________________
3. Value of assets (jewelry, gold, etc….)…._______________________
Add lines 1 through 3…._______________________
Multiple above amount by either 2.5% (0.025) or 2.557% (0.02557)…._______________________
**It is 2.5% if the Zakat cycle is calculated using the Hijra calendar while it is 2.557% if using the Gregorian calendar.
The above total is the sum of Zakat payable!
When paying out your Zakat, please keep in mind that the first people who have a right on your Zakat are your needy family members. Then come your needy neighbors, and then the needy nearest to you geographically. We, at the Monthly Noor, believe the Southside Muslim community are in most need of our Zakat locally. Many of our Muslim brothers and sisters are malnourished and starving; however, Alhamdulillah, there is an organization to benefit Muslims of that area:
Southside Community Services
5306 S. Cornell
Chicago, IL 60615
You may send Zakaat via paypal.