For many of us, Ramadan is the time to pay Zakat. Given the current record high prices of gold and silver, below are the Nisab levels:
* Nisab for Gold = £2,825 (£2,168 last year)
* Nisab for Silver = £459 (£233 last year)
Nisab is the minimum amount of savings and assets that a Muslim has to possess in order for them to be obliged to give Zakat. According to the Shari'ah the nisab for gold is 84.7 grams while the nisab for silver is 592.9 grams. Gold and silver nisab levels quoted above are based on spot prices on 10th August 2011, and are subject to change.
Reliance of the Traveller is a classical manual of Islamic law by Ahmad ibn Naqib al-Misri (rh) which states that the nisab for silver should be used for monetary balances. Since this results in a lower nisab level more Zakat is payable, which is better for the poor.
Only Allah knows best and from Him alone is success.
So Im confused.. say you have £1000 in savings and 100g of gold... what zakat should you pay? Seeing as the level for money is stated above and the level for gold is 84.7g.. so you add the two together? how can you add a weight and a price? Please help....
Salams sis,
ReplyDeleteI checked around a bit and came up with these two links-
http://www.islamicity.com/mosque/zakat/
and
http://www.goldprice.org/gold-price-per-gram.html
If I understand it correctly, if you have 100 gm of gold, and you have had it for one lunar year then you take the price of gold on the day you plan to pay your zakat(as of just this minute it is 34.77 pounds per gram) so multiply 34.77 pounds time how many grams and you would have the total value of 3477 pounds, then pay 2.5 percent of that for zakat. I think it would work out to roughly 105 pounds, but I was never a math whiz so I could be wrong.
For money, if it is based on the nisab of silver- which is currently 782 pounds per kilo(so if you have roughly half that amount of money you have to pay zakat on it). So 2.5 percent of 1000, plus 2.5 percent of 3477(the gold) pounds. I think it would be about 130 pounds total, but maybe you could ask in a local masjid to make sure?
1) Dear sister in islam, if you can read urdu fine then do please use the form in the given link and that will help you calculate your payable zakat. http://darwaish.org/kutub/miscellaneous/Zakat%20Self%20Evaluation%20Form.pdf
ReplyDelete2) as for your question, you add the sterlings in savings ( that money has to have been with you for a full lunar year ) AND the price of the 100g gold and find the net 2.5% zakat. so its not like adding money and weight.
3) just a reminder. zakat is not ONLY applicable to savings and gold. there are other things as well (i believe you know that, but anyway)
hope that helps
regards
Assalamu'alaikum Warahmatullah
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JazakAllah Khair