Zakat Calculator for Gold

Zakat Calculator for Gold

(e.g., 99.9 for 24K, 91.67 for 22K, 75 for 18K)

function calculateZakatGold() { var goldWeightGrams = parseFloat(document.getElementById("goldWeightGrams").value); var goldPurityPercent = parseFloat(document.getElementById("goldPurityPercent").value); var currentGoldPricePerGram = parseFloat(document.getElementById("currentGoldPricePerGram").value); var resultDiv = document.getElementById("zakatResult"); if (isNaN(goldWeightGrams) || goldWeightGrams < 0) { resultDiv.innerHTML = "Please enter a valid gold weight (grams)."; return; } if (isNaN(goldPurityPercent) || goldPurityPercent 100) { resultDiv.innerHTML = "Please enter a valid gold purity percentage (0-100%)."; return; } if (isNaN(currentGoldPricePerGram) || currentGoldPricePerGram < 0) { resultDiv.innerHTML = "Please enter a valid current gold price per gram."; return; } // Nisab for gold is 87.48 grams of pure gold var nisabGoldWeight = 87.48; // grams of pure gold var zakatRate = 0.025; // 2.5% // Calculate pure gold weight var pureGoldWeight = goldWeightGrams * (goldPurityPercent / 100); var outputHTML = ""; if (pureGoldWeight < nisabGoldWeight) { outputHTML = "Based on your inputs:"; outputHTML += "Your pure gold weight is: " + pureGoldWeight.toFixed(2) + " grams."; outputHTML += "The Nisab for gold is " + nisabGoldWeight.toFixed(2) + " grams of pure gold."; outputHTML += "You do not meet the Nisab threshold for gold. Therefore, no Zakat is due on your gold at this time."; } else { var totalGoldValue = pureGoldWeight * currentGoldPricePerGram; var zakatAmount = totalGoldValue * zakatRate; outputHTML = "Based on your inputs:"; outputHTML += "Your pure gold weight is: " + pureGoldWeight.toFixed(2) + " grams."; outputHTML += "The Nisab for gold is " + nisabGoldWeight.toFixed(2) + " grams of pure gold."; outputHTML += "Since your pure gold weight meets or exceeds the Nisab, Zakat is applicable."; outputHTML += "Total value of your pure gold: " + totalGoldValue.toFixed(2) + ""; outputHTML += "Zakat Due on Gold: " + zakatAmount.toFixed(2) + ""; } resultDiv.innerHTML = outputHTML; }

Understanding Zakat on Gold

Zakat is one of the five pillars of Islam, an obligatory charity paid annually by Muslims who meet certain wealth thresholds. It serves as a means of purifying one's wealth and distributing it to those in need. Zakat is due on various forms of wealth, including gold, silver, cash, business goods, and agricultural produce.

Nisab for Gold

For Zakat to be obligatory on gold, the amount of pure gold owned must meet or exceed a minimum threshold known as 'Nisab'. The Nisab for gold is equivalent to 87.48 grams of pure gold (or 7.5 Tolas). If an individual's total pure gold holdings are less than this amount, Zakat is not applicable.

Calculating Zakat on Gold

Once the Nisab threshold is met, Zakat becomes obligatory on the entire amount of pure gold owned, not just the portion exceeding the Nisab. The Zakat rate for gold is 2.5% of its total market value. The calculation involves a few key steps:

1. Determine the Pure Gold Weight: If your gold is not 24-karat (100% pure), you need to calculate its pure gold content. For example, 22-karat gold is approximately 91.67% pure, and 18-karat gold is 75% pure. Multiply the total weight of your gold by its purity percentage to find the pure gold weight.
2. Check Against Nisab: Compare your pure gold weight with the Nisab (87.48 grams). If your pure gold weight is less than the Nisab, no Zakat is due.
3. Calculate Total Value: If your pure gold weight meets or exceeds the Nisab, multiply the pure gold weight by the current market price of gold per gram to determine its total value.
4. Calculate Zakat Amount: Apply the 2.5% Zakat rate to the total value of your pure gold.

Example Calculation:

Let's consider an example:

• Weight of Gold: 100 grams
• Gold Purity: 22 Karats (which is approximately 91.67% pure)
• Current Gold Price per Gram: $65

1. Pure Gold Weight: 100 grams * (91.67 / 100) = 91.67 grams
2. Nisab Check: 91.67 grams is greater than 87.48 grams (Nisab is met).
3. Total Gold Value: 91.67 grams * $65/gram = $5958.55
4. Zakat Amount: $5958.55 * 0.025 = $148.96

In this example, the Zakat due on the gold would be $148.96.

It's important to note that the current market price of gold can fluctuate, so it's advisable to use the most up-to-date price when calculating your Zakat. This calculator provides a convenient way to estimate your Zakat obligation on gold based on current values.