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 $4,780.06 for gold on 08 March 2021, but will vary with the market value of gold.
Silver: The nisab by the silver standard is 21 ounces of silver (612.36 grammes) or its equivalent in cash. This is approximately $503.10 on 08 March 2021.
For the latest prices, refer to the Online Zakat Calculator.
Example: In 1423 AH, Suraya’s zakatable wealth came to only £200. She owes no zakat. The next year was better for her, and she now owns £2,500 in zakatable wealth. She will be liable for zakat after the money has been in her possession for a lunar year.
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