Zakat on Wealth

Description

Zakat on Wealth (on fortune or money, زكاة المال) collection and distribution is managed by QMC-CMQ according to the following guidelines:

1. The threshold of richness (Nisab in arabic) after which you have to pay zakat on your fortune is to have a fortune that remained stagnant for 1 year under your possession and that is equivalent to 85 gram of pure gold (24 karat). Check the current price of gold through this link.
   For example, on April 4, 2024, the price of gold is 93.9 $CAD per gram. Therefore, the threshold of richness is = 85 g x 93.9 $/g = 7981.5 $ CAD. If you have in your funds that amount of money or more and that remained under your possession for 1 Hijri year, you should pay 2.5% of it as Zakat. For example, if you have had 10,000 $CAD that remained under your possession for 1 year, calculate the zakat as following: 0.025 x 10,000$ = 250 $CAD.
2. Zakat of Wealth will be given in cash to poor and needy people (الفقراء والمساكين) in Gaza and in other Muslim countries. These people are well investigated and classified by professional peoples.
3. To further learn how to calculate your Zakat if you have special situations, please consult scholars around you and also listen to the lecture underneath.
4. Please add an extra amount of money to your Zakat. This amount accounts for the transaction fees that we should pat for electronic money transfer (0.3$ flat fee per local transaction + 3% per local  transaction + 15$ fees per international transfer of 2500$).
5. All money received will be entirely distributed to poor people in Muslim Countries where QMC receives nothing of this money, instead it pays additional amounts to support the process of receipt and distribution of money to poor.