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How much is zakat

Answered according to Hanafi Fiqh by Fatwaa.com
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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

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.

And Allaah Ta’aala knows best

Wassalaam,

Ismail Moosa (Mufti)

References

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)

This answer was collected from Fatwaa.com which is an excellent Q&A site managed by Mufti Ismail Moosa from South Africa. .

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