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    Nisab (the minimum amount) of Zakat for the Two Currencies

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    (Zakat on gold and silver)

    1- Nisab of gold is twenty Dinars or 85grams.
    A dinar of gold equals four grams and a quarter, the Nisab of gold in grams will then be 4.25 x 20= 85grams of pure gold.
    2- The Nisab of silver is two hundred dirham or 595 grams.
    A dirham of silver equals 2.975 grams, the Nisab of silver in grams will then be 2.975 x 200 = 595 grams of pure silver.
    3- The Nisab of paper currency is calculated on the basis of the Nisab of gold or silver when the collection of Zakah is due. When the money has reached the Nisab of either gold or silver, Zakah then becomes obligatory.
    For example, if a gram of gold equals $30, Zakah becomes obligatory if one has 30 x 85 = 2 550.
    source: https://www.al-feqh.com/en/zakat-on-gold-and-silver

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    Re: Nisab (the minimum amount) of Zakat for the Two Currencies



    Please make a correction to the third point. For paper currency, the nisab is calculated based on what is more beneficial for the poor, so we take the Silver nisab into account, not the gold.

    Gold nisab is only applicable when you have only gold. Silver nisab is applicable when you have mixed wealth.

    Please see: https://islamqa.info/en/answers/2795...on-paper-money

    Question

    How much is the nisaab for zakaah with regard to paper money? Is it possible to calculate the nisaab for money on the basis of the nisaab for gold or silver?

    Answer


    Praise be to Allaah.

    The value of the nisaab [the amount that determines whether zakaah is obligatory; anyone who has more than this is obliged to pay zakaah] for dollars or other currencies is whatever is equivalent to the value of 20 mithqaals [a unit of measurement] of gold or 140 mithqaals of silver at the time when the zakaah is owed. It should be based on whichever of the two works out better for the poor, because the prices of gold and silver vary from time to time and from country to country (Fataawa al-Lajnah al-Daa’imah, 9/257) and because this will be more beneficial to the poor. (Fataawa al-Lajnah al-Daa’imah, 9/254).

    Given that currently the price of silver is lower than the price of gold, the nisaab should be based on the price of silver, so if a person’s wealth (in paper money) reaches the nisaab on that basis, he has to pay zakaah. The nisaab for silver is roughly equivalent to 595 grams of silver, so the one who has wealth has to pay 2.5% or 25 out of every 1,000 that he has in currency, after one year has passed). And Allaah knows best.




    http://islamqa.org/hanafi/daruliftaa-birmingham/20372
    Zakat nisab in terms of money
    In the name of Allah, the most Beneficent, the most Merciful.

    Answer

    Zakat is compulsory upon a person who possesses the quantum of nisab (i.e. 612.35 grams of silver or 87.47 grams of gold or currency, wealth equivalent to that amount) for a complete lunar year; which is over and above his basic needs and also free from debts. (Raddul Muhtar p.5 v.2)

    Currently a gram of gold is approximately £26.55. Silver is worth approximately £00.41per gram. Therefore, the nisab for zakat is £251.06p. If you have savings equivalent to £251.06 or more then zakat of 2.5% will be obligatory (Duroos.net).

    Only Allah Knows Best

    Mohammed Tosir Miah
    Darul Ifta Birmingham





    http://islamqa.org/hanafi/darulifta-deoband/24667

    (1) The zakah is calculated as per the silver nisab which is 52.5 tola i.e. the price of 52.5 tola silver is the nisab of Zakah. If you own this amount of money for one year, you will have to pay its fortieth part (2.5%) as Zakah.

    (2) Now, you should remember the month in which you paid the Zakah. The next year in the same month, if you have saved amount equal to nisab or more, then separate 2.5% of the total as Zakah i.e. the 2.5% which you took out will be considered Zakah.

    Allah (Subhana Wa Ta’ala) knows Best
    Darul Ifta,
    Darul Uloom Deoband
    1 | Likes ZeeshanParvez liked this post
    Nisab (the minimum amount) of Zakat for the Two Currencies

    عن عبد الله بن مسعود رضي الله عنه : ـ
    مَن كانَ مُسْتَنًّا ، فَلْيَسْتَنَّ بمن قد ماتَ ، فإنَّ الحيَّ لا تُؤمَنُ عليه الفِتْنَةُ ، أولئك أصحابُ محمد - صلى الله عليه وسلم - ، كانوا أفضلَ هذه الأمة : أبرَّها قلوبًا ، وأعمقَها علمًا ، وأقلَّها تكلُّفًا ، اختارهم الله لصحبة نبيِّه ، ولإقامة دِينه ، فاعرِفوا لهم فضلَهم ، واتبعُوهم على أثرهم ، وتمسَّكوا بما استَطَعْتُم من أخلاقِهم وسيَرِهم ، فإنهم كانوا على الهُدَى المستقيم
    رواه ابن عبد البر في "جامع بيان العلم وفضله" (2/947ـ رقم 1810) ـ
    ‘Abdullah ibn Mas‘ood said: “Whoever wants to follow a path, let him follow the path of one who has died, for the living are not safe from fitnah. I mean the Companions of Muhammad . They were the best of this ummah: the purest in heart, the deepest in knowledge and the most straightforward. Allah chose them to accompany His Prophet and establish His religion, so recognise their status and follow in their footsteps and adhere as much as you can to their example of conduct and attitude, for they followed true guidance.” [Ibn ‘Abd al-Barr in Jaami‘ Bayaan al-‘Ilm wa Fadluhu, 2/947, no. 1810]

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