We are soon approaching the end of the Islamic year 1433AH, so we have prepared a quick reminder about your obligatory Zakat if you haven’t already paid it.
NISAB (the threshold amount above which Zakat is obligatory upon you)
The Nisab is 20 Dinar for gold and 200 Dirham for silver. Which today is roughly 85 grams of gold and 595 grams of silver.
In terms of value today (depending on the market for the day), this works out to around £35.00 GBP for every gram of gold and £0.69 GBP for every gram of silver.
So in order to work out the Nisab in terms of value today in GBP, we would calculate as follows:
Gold: £35.00 x 85 grams = £2,975.00
Silver: £0.69 x 595 grams = £410.55
TOTAL = £3,385.55
You are required to pay Zakat if this is the minimum amount of money you are in possession of after one whole year passes (lunar year). You would then pay 2.5% on that amount as long as it reaches £3,385.55 or anything more.
And Allah Knows best.
Read more here: Dar ul Ifta’ – advice to those who do not pay Zakat as legislated…>>