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