What are the zakah minimums for property, gold, silver, and who is considered sahib-e-nisab?

Al-jawab billahi at-taufeeq (the answer with Allah’s guidance)

The Zakat on jewellery, cash, merchandise etc, will be Fardh if the value of these are equivalent to the value of 87.5 grams of gold or 612.36 grams of silver or more, then it will be Fardh to give Zakat at the rate of 2.5%.

An Example:

Mrs Ahmad owns a necklace of pure gold weighing 45g and worth £903.97 at the current market rate. She has savings in her bank account of £1250.

The total value of her wealth is £2153.97. The value of the Nisab is that of 87.5 grammes of gold, i.e. £2358.75 at current market rates (Approx on 04/02/11). Since she has more wealth than the Nisab she must pay 2.5% of it as Zakah to needy Muslims.

2.5% of £2153.97, and thus her total Zakah payable, is £2153.97 × 0.025 = £53.84.

And Only Allah Ta’ala Knows Best.

————————————–
Moulana Qamruz Zaman
London, UK