Your Zakat Will Make Them Happier
they are worse off than the poor and needy
Nisab is the minimum amount of wealth a Muslim must possess before they are eligible to pay Zakat.
Gold and silver are the two values used to calculate Nisab. It is the value of 87.48 grams of gold or 612.36 grams of silver.
Silver (612.36 grams) – approximately £361.29 (correct as of 08/03/21)
Gold (87.48 grams) – approximately £3,432.72 (correct as of 08/03/21)
The Nisab was set by the holy Prophet Muhammad (ﷺ) at a rate equal to 87.48 g of gold and 612.36g of silver.
Since silver and gold is no longer used as currency, we must use the equivalent monetary value of the rates set out by the holy Prophet Muhammad (ﷺ) in our local currency. We do this by checking the market rate for gold and silver.
In the Hanafi Madhab, the value of silver is used to work out the nisab value and eligibility to pay Zakat. In the remaining Madhahib the value of Gold is used.
We always advise donors to use the silver value because this allows for a larger amount to be eligible for Zakat, meaning we can help a greater number of needy individuals around the world.
In discussions surrounding Zakat, you may hear the term ‘hawl’ – which means one lunar year (354 days)
Zakat payment are due one hawl (lunar year) after you become eligible. However, only if your wealth on that date is still above the nisab threshold.