Calculating the Nisab/Limit for the Eligibility to pay the Zakat for money/cash as savings.
1 gm gold = 53 USD
1 gm silver = 0.56 USD
For Gold, Nisab = 85gms.
85 gms Gold = 85 × 53 = 4505 USD
For Silver, Nisab = 600gms.
600gms Silver = 600× 0.56 = 336 USD
For Cash, Nisab = Gold/Silver?
If referring to Nisab of Gold, your Savings should reach 4505 USD for you to be eligible to pay Zakat.
If referring to Nisab of Silver, your Savings should reach 336 USD for you to be eligible to pay Zakat.
For Eg: You have 3000USD with you, if you consider zakat with reference to Nisab of Gold,you dont need to pay your Zakat.
But if you refer to Nisab of Silver, you are accountable for Zakat.You need to pay it.
For you to be on Safe Side Choose Silver, because :
- Better to consider lower limit and free from your obligation.
- Also be safe when you meet your lord on the day of Judgement.
- It is better for the Fuqarah and the masakeen so that they can benefit.
Currency Exchange :
1 USD = 3.675 AED
1 USD = 75.85 INR
1 USD = 4.28 MYR
بارك الله فيكم
Verified by: Shaykh Ahmad Banaajah (Abul ’Ataa).