Zakat nisab in terms of money

Answered according to Hanafi Fiqh by DarulIftaBirmingham

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

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