What is Zakat Al-Mal?
Zakat Al-Mal is a form of charity that every adult Muslim who meets the requirements of Nisab (minimum amount of wealth a Muslim must have – after calculating necessary expenses – to be eligible to contribute zakat) and Hawl (the full one year period that wealth which zakat should be paid for has been held for) must pay.
Details of Zakat Al-Mal
Zakat Al-Mal is obligatory on every Muslim who meets the requirements previously mentioned. As it is obligatory, there are punishments for those who choose not to contribute to this type of Zakat.
It is narrated in Al-Bukhari, Muslim and Ahmad that the Prophet )peace and blessings be upon him) said: “For every owner of a hoarded wealth on which he does not pay Zakat, this wealth will be heated in the fire of hell and made into sheets with which his flanks and forehead will be branded until Allah passes judgement among his servants on a day that measures fifty thousand years (of our reckoning), then his path will be shown, either heaven or to hell.”
Guidelines of Zakat Al-Mal
Zakat Al-Mal needs to be 2.5% of ones total saved wealth in a full year period and must be intended for those less fortunate so that they are able to purchase the bare necessities.
Zakat is considered a debt we owe to Allah (SWT) and it should be paid when it is due without any delay. If one neglects paying their zakat over the years, they must pay the amount back in full and repent to Allah (SWT) for forgiveness.
Want a Zakat Al-Mal Calculator? Download the Al-Ihsan app for an easy way to calculate your zakat.