There are two primary forms of zakat: zakat al-mal and zakat al-fitr:
WHO IS ELIGIBLE FOR ZAKAT? Tamco collects and distributes zakat to those who are most in need, in accordance with Islamic guidelines. Giving your zakat through TAMCO means you can help provide emergency food, shelter for refugees, job training, medication and so much more.
According to the Holy Qur’an (9:60), there are eight categories of people who qualify to be beneficiaries of zakat:
The poor The needy The collectors of zakat (TAMCO is an example) Those who hearts are to be won over Captives Those burdened with debt In the cause of Allah (swt) Travelers Most scholars agree that the poor and needy are the most important categories of people to receive zakat. Given that, it is acceptable to give your entire zakat allotment to individuals who are in those groups.
TAMCO follows the practice agreed upon by most scholars, which states that collectors of zakat are one of the eight groups that are eligible to receive zakat. As such, TAMCO is eligible to use up to 12.5% of donations made to zakat-specific funds for core work, including administrative and operational functions.
TAMCO consults with a council of imams who follow the Fiqh Council of North America for information about religious donations. It is advised that you consult with your local imam or scholar for more detailed inquiries.
ZAKAT ON GOLD Zakat is payable at 2.5% of the wealth one possesses above the nisab. Nisab, which is equal to 3 ounces of gold, is the minimum amount of wealth one must have before they are liable to pay zakat. *As of July 17, 2018, nisab is estimated to be $3699.28 Zakat is liable on gold, silver, cash, savings, investments, rent income, business merchandise and profits, shares, securities, and bonds. Zakat is not paid on wealth used for debt repayment of living expenses such as clothing, food, housing, transportation, education, etc.