Zakat Questions and Answers
Example: In 1423 AH, Suraya's zakatable wealth came to only £65. She owes no zakat. The next year was better for her, and she now owns £2000 in zakatable wealth. She will be liable for zakat after the money has been in her possession for a lunar year.
What is the nisab?
To be liable for zakat, one's wealth must amount to more than a threshold figure, termed the "nisab". To determine the nisab, the are two measures: either gold or silver.
- Gold: The nisab by the gold standard is 3 ounces of gold (87.48 grammes) or its cash equivalent. This is approximately £650 or $926.40, but will vary with the current market value of gold. For the latest prices, refer to the Online Zakat Calculator
- Silver: The nisab by the silver standard is 21 ounces of silver (612.36 grammes) or its equivalent in cash. This is approximately £70 or $130.