After the declaration of faith and prayer, the third pillar of Islam is Zakat. An obligatory annual payment, Zakat is paid by qualifying adult Muslims whose wealth exceeds the Nisab value for one Islamic (lunar) year. This donation pleases Allah (SWT). Payments are made to support those most in need both domestically and around the world.
The Impact of Your Zakat Donation
When giving your Zakat through Greengate Trust you can be sure that it will be used to support and empower some of the most disadvantaged communities in the world. Your Zakat donations are handled with the greatest of care to ensure they reach eligible recipients quickly and securely.
Once you have calculated your Zakat, or you already know what your owed amount is, you can choose to make your donation through Greengate Trust. Doing so will support our appeals, helping thousands of innocent lives living in poverty around the world.
Gold and silver, including ornaments or jewellery containing gold and/or silver.
Cash held at home or in bank accounts.
Stocks and shares owned either directly or through investment funds.
Money lent to others.
Business stock in trade and merchandise.
Livestock animals such as cows, goats and sheep.
Property owned for investment purposes.
Zakat is due a year after your level of personal wealth has reached the Nisab threshold. In order to remain eligible to pay Zakat, your level of excess wealth should remain higher than the Nisab for a full lunar year.
For example, if your level of expendable wealth exceeds the total Nisab value in the month of Ramadan, your payment will not be due until the following Ramadan, so long as your personal wealth remains above the threshold.
If at any time your wealth drops below the level of Nisab, you would cease being eligible to give Zakat. Once your wealth increases to the Nisab level, you would begin counting 12 lunar months from that point onwards.
There are eight categories as outlined in the Qur’an:
The poor, those in debt, the wayfarer, those in the cause of Allah (SWT), the needy, those whose hearts are to be reconciled, to free those in captivity and those who collect and distribute Zakat payments.