Question
السلام عليكم ورحمة الله وبركاته Respected mufit saheb Please advise me regarding the zakah on jewelry I recently read on a website that the nisaab for gold is 85 grams of gold and silver is 612 grams I was unaware of this and thought that zakaah was due on any gold or silver regardlessof the amount – Does this mean that even if i own any gold or silver and it is less that these amounts zakah will not be due? جزاك الله خيراAnswer
Zakat becomes obligatory when the value of a person’s zakatable assets (gold, silver, cash and trade stock) reach the threshold (nisab) for zakat. There are two thresholds:1. Silver threshold: 612.35 grams of silver.
2. Gold threshold: 87.479 grams of gold.
The price of one gram of silver is £0.57 (on the 28/02/2024). Hence, the silver threshold will be £349.03. (Price per gram of silver × 612.35) The price of one gram of gold is £51.54. Hence, the gold threshold is £4508.66. (Price per gram of gold × 87.479) For live gold and silver prices click here.Which threshold to use
Zakatable assets are cash, gold, silver and trade stock. If from the zakatable assets a person only possesses gold and no cash, silver or trade stock then they will use the gold threshold. If a person has any of the other zakatable assets, or they have gold along with another zakatable asset then they will use the silver threshold. For example, if a person has cash and gold, they will go by the silver threshold.Examples:
Based on the above prices if a person has: 1. £300 only and no gold, silver or stock, they will not pay zakat. Reason: They have mixed assets and will therefore go by the silver threshold and £300 falls below the silver threshold. 2. £300 worth of gold and £100 cash and £200 worth of silver, they will pay zakat. Reason: As they have mixed assets they will go by the silver threshold, and as the total value of the zakatable assets reach the threshold they will pay zakat. 3. £2000 worth of gold and no cash, silver or stock, they will not pay zakat. Reason: As they only have gold they will go by the gold threshold and because the value of their gold does not meet the gold threshold they will not have to pay zakat. Answered by: Ifta Research Fellow Checked & Approved by: Mufti Abdul Rahman Mangera Mufti Zubair Patel