How to Calculate Zakat in the Philippines?
How to calculate zakat in the Philippines is a question that the majority of the Muslim population asks, which resides in one of the most picturesque countries in the world. Around 6.4% of the entire population identifies as Muslim, and among them, many practice the faith rigorously. If you are someone who’s looking to understand how to calculate zakat in the Philippines, let this blog be your guide.
Calculate Zakat in the Philippines With Zakat Calculator 2024
For practicing Filipino Muslims, who observe the annual pillar of Islam, based on charitable giving they can calculate zakat in the Philippines very easily now, by only following a few steps. The online Zakat calculator in the Philippines can provide you with an accurate gauge as to how much you should be giving based on your economic standing for the year.
There are multiple ways to calculate the correct amount based on the amount of gold and silver you have, the properties you own, the savings you have accumulated, and even other possessions. The process and intricacy required can be quite overwhelming, and this is where online zakat calculator come in handy. By only putting in your relevant zakat calculation details, these calculating machines can get back to you with a figure. Once you have got an idea of the amount, you can separate it from your possessions and look for zakat applicable causes to support.
Calculate Zakat on Gold and Silver in the Philippines
To calculate zakat on gold and silver in the Philippines you need to calculate the zakat with an online gold or silver zakat calculator. Click below on Gold Zakat Calculator 2024 in the Philippines to Calculate zakat on gold and silver in the Philippines.
If you would like to go the manual route follow the following steps.
1- Gather your assets: The process starts by taking in an accurate inventory of your silver and gold possessions. This includes everything from bullion, jewelry, and even ornaments.
2- Determine the nisab: Nisab is the minimum amount of wealth at which zakat becomes mandatory. According to most Islamic sects, the nisab for silver is said to be 612.36 grams and 87.48 for gold.
3- Choose your market value: You can either calculate zakat based on the value of gold and silver on the day of calculation or the current market value.
4- Apply the formula: Once you have a market value figure, and if your wealth exceeds the nisab, you need to multiply the market value by 2.5%. The final amount would be the zakat you need to pay for gold and silver.
Calculate Zakat on Property in the Philippines
To calculate zakat on property in the Philippines you need to first identify if zakat can be applied to your property or not. Simply put, if you own a property on which you currently earn or intend to earn any form, would be eligible for zakat. However, if you own a property that is in your everyday use as a residence or such, zakat will not be applicable on that piece of land.
To calculate the zakat on your property you will need to calculate the nisab on property and then pay zakat on 2.5% of the market value of the property. Click below on the Philippines zakat calculator to Calculate zakat on property in the Philippines.
Calculate Zakat on Savings in the Philippines
To calculate zakat on savings in the Philippines you need to calculate the zakat with an online zakat calculator in 2024. Savings accounts tucked away in Philippine banks also fall under the Zakat umbrella. To calculate Zakat on them, follow these steps:
Collect your bank statements: Compile all of your savings account statements including current accounts, time deposits, and even joint accounts with others.
Averaging your balance: Calculate the average monthly balance of each account throughout the year preceding Zakat calculation. This ensures fairer Zakat calculations, accounting for fluctuations in deposits and withdrawals.
Exclude exemptions: Deduct any minimum required balances, necessary living expenses, or funds earmarked for Hajj or Umrah from the average balance.
Apply the formula: Multiply the final average balance by 2.5%. This is the Zakat due on your savings in the Philippines.
Click below on the Philippines zakat calculator 2024 to Calculate zakat on savings in the Philippines.
Calculate Zakat on other Wealth in the Philippines
Beyond gold, silver, property, and savings, if you have other forms of wealth like expensive jewelry, stocks, shares, etc, some of it may be zakat applicable too.
Investments: Mutual funds, bonds, and stocks require zakat if their value exceeds the nisab threshold even if they are not providing you with an income (through rent or dividends, for instance).
Business assets: If you are an owner of a business, you can calculate zakat on the market value of its machinery, inventory, and other assets after deducting liabilities and debts.
Debts receivable: Outstanding loans that you are expecting to be repaid can also be included in your zakat calculations.
Where to Pay Zakat in the Philippines?
To pay zakat in the Philippines consider Transparent Hands. It is a non-profit organization that facilitates healthcare treatment for the impoverished. This includes c-sections, prosthetics, heart surgeries, cochlear implants, and many other general surgeries as well. The organization has many zakat-applicable cases allowing individuals from the Philippines to offer their zakat to deserving people, who otherwise would not have been able to afford medical procedures.
End Notes For Calculate Zakat in the Philippines
If you are unsure about how to calculate zakat in the Philippines, you can try one of the online calculators given above. Still, if you are unsure or would like better clarity and guidance, we would suggest consulting with a knowledgeable scholar or a financial advisor to suit your circumstances.
What’s important is making sure that your zakat reaches deserving people in the community and giving it forward with gratitude and joy, recognizing that what God has given you, must be paid forward.
For better experience click here to download our mobile apps,
Leave a Reply