“The alms are only for the poor and the needy and those employed to collect (the funds); and to attract the hearts of those who have been inclined (towards Islam); and to free the captives; and for those in debt; and for Allah’s Cause, and for the wayfarer (a traveler who is cut off from everything); a duty imposed by Allah. And Allah is All-Knower, All-Wise.“ [Al-Quran 9:60]
Zakat, the giving of alms to the poor and needy, is one of the five pillars of Islam. It is mandatory
upon all Muslims who meet the necessary threshold (Nisab) of wealth.
In order to meet the threshold upon which zakat becomes obligatory, an individual must own a
specific amount of wealth or savings for over 1 year (outside of living costs and daily
This is referred to as Nisab and is the threshold at which Zakat becomes payable. The amount
of Zakat to be paid is 2.5% of Nisab.
The Zakat payable on the Gold you own is 2.5% of its value. Using the value of gold (87.48
grams) – approximately £3,432.72 – the Zakat you’re due to pay is £0.98 per Gram, £11.11 per
Silver: The nisab by the silver standard is 21 ounces of silver (612.36 grammes) or its equivalent
This is approximately £361.29.
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