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Should zakat be according to the Nisab of gold or the Nisab of silver?

Answered as per Hanafi Fiqh by Jamia Binoria

My question is that if we give Zakat according to the Nisab of gold instead of the Nisab of silver, will our Zakat not be accepted?

الجواب حامدا و مصلیا

If anyone possesses nothing else (like cash etc.) but pure gold or silver, then he has to give Zakat on his gold according to the Nisab of gold, and Zakat on silver according to the Nisab of silver. But if one possesses both gold and silver, or cash and merchandise along with gold and silver, and the total value of his cash, gold and silver, or merchandise reaches the value of the Nisab of silver, he will pay 2.5% of the value of his possession in Zakat after a year has passed upon it.

This Q&A was indexed from the official english fatwa portal of Jamia Binoria. It is an Islamic educational institute in Karachi, Pakistan.

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