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What is Nisaab?

Answered according to Hanafi Fiqh by DarulUloomTT.net
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Assalamu Alaikum,

Q: I am a recent revert and I would like to pay both the Zakat & Sadaqatul fitr this year. I am hearing many variations of what I should pay & how much I am required to pay.

I would appreciate if you can guide me in the right thing to do please & also can you please explain what Nisaab means please?

Wa Alaikum Assalaam,

 

A: Zakaat becomes compulsory on one’s savings when it has reached a nisaab and one year has passed over that nisaab/savings.

The Nisaab is the minimum amount of wealth (in savings) which a person must possess in order that zakat become compulsory upon him.At present, the nisaab is $2066.00 TT. This is based upon the value of 19.7 oz. of silver which is the nisaab for silver. As such, if you posess this amount and a year has passed over it, you will need to pay 2.5% of the savings in Zakat.The amount you will pay in zakat can be given directly to the poor and needy Muslims or can be given to a Masjid which will then distribute it to the poor and needy.

The calculated figure for Sadaqatul Fitr this year is $13.00 TT person. You must pay this on your behalf and behalf of those of your family members like a spouse, children or parents who are dependent upon you for their needs etc.

And Allah Knows best,

Mufti Waseem Khan.

13/07/15.

This answer was collected from DarulUloomTT.net, which is operated under the supervision of Mufti Waseem Khan from Darul Uloom Trinidad and Tobago.

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