❓ Question: What is the amount of Zakat I need to give?

In the name of Allah, the Most Gracious, the Most Merciful. Dear brother/sister, Zakat is one of the five pillars of Islam and a means for the purification and blessing of wealth. According to the Hanafi school, we can summarize the amount and rulings of Zakat as follows: For Zakat to be obligatory, the basic condition is that a person possesses wealth equal to the 'nisab' amount, beyond their basic needs and debts, and that one lunar year has passed over this wealth. 1. Amount of Zakat: As stated in the foundational Hanafi texts such as al-Hidayah and Ibn Abidin's Radd al-Muhtar, the rate of Zakat is one-fortieth (2.5%). That is, if you possess the nisab amount of wealth, you must give 1/40 of it to those in need. 2. Nisab Amount: Nisab is the minimum measure of wealth determined to be liable for Zakat. According to the measures in the time of the Prophet (pbuh), the nisab for gold is 20 mithqals (approximately 80.18 grams) and for silver is 200 dirhams. Today, calculating based on gold is the most common and reliable method. If you possess 80.18 grams of gold or its equivalent in cash, trade goods, or securities, and this wealth has remained in your possession for one year, it is obligatory to pay 2.5% as Zakat. 3. Evidence: The obligation of Zakat is established in many verses of the Holy Quran with the command, 'Establish prayer and give Zakat' (Al-Baqarah, 43; Al-Hajj, 78). Regarding the amount, the Prophet (pbuh) personally practiced and encouraged the 1/40 rate for silver and trade goods (Bukhari, Zakat, 32). 4. Brief Note on Inter-School Differences: The vast majority of Islamic scholars (Hanafi, Shafi'i, Maliki, and Hanbali) have reached a consensus (ijma) that the Zakat rate is 1/40 (2.5%). The main differences between the schools focus on the types of goods subject to Zakat or some technical details in calculating the nisab; however, there is no disagreement among the four schools regarding the rate. In summary, it is your duty to calculate 1/40 of your wealth that exceeds your basic needs and has been in your possession for a year, and to deliver it to those in need for the sake of Allah. May Allah accept your worship and bless your wealth.