How much is zakat

December 17, 2018
Answered by Mufti Ismail Moosa
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Question

How much is zakat in GBP? The nisab is 87.48 grams of gold and 612.36 grams of silver this means gold is worth £2783.96 and silver is worth £229.94 Is gold or silver the minimum amount of wealth a Muslim must possess before they become eligible to pay Zakat

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Answer

Wa’alaykum as Salam wa rahmatullahi wa barakatuhu,

In principle, we will always look at the lower price between the gold and silver in order to determine the Nisaab (minimum for Zakah to be obligatory). Since silver is presently cheaper than gold, the Nisaab will be based on the price of silver. Thus, if a person owns the value of silver, Zakah will be obligatory upon him.

If in future gold becomes cheaper than silver, we will then base the Nisaab on the price of gold.

Reference

فإن كانت أثمانا رائجة أو كان يمسكها للتجارة يعتبر قيمتها فإن بلغت قيمتها مائتي درهم من أدنى الدراهم التي تجب فيها الزكاة وهي التي الغالب عليها الفضة تجب فيها الزكاة وإلا فلا. (بدائع الصنائع في ترتيب الشرائع (2/ 17)

And Allah subhanahu wa ta’ala knows best.

Answered by: Mufti Ismail Moosa