How to Calculate Zakat

 

METHOD FOR CALCULATING NISAAB & ZAKAAT
PAYABLE BASED ON SILVER, FOR WHICH THE
NISAAB STIPULATION IS FIXED AT 52.5 TOLA
One Tola = 11.664 grams 52.5 Tola = 612.36 grams
Take the current local price of silver and multiply it by 612.36 grams,
to get the current standard Nisaab (Threshold for Zakaat).
Example
1. If the current silver price is R7.81 per gram
2. Take R7.81 and multiply it by 612.36 grams = R4782.00
3. Nisaab is thus 4782.00 as per the current rate
4. For example, if you have 4782.00 based on the above example,
then the Zakaat payable will be 4782 x 2.5% = R119.55 (Zakaat
Payable)
5. Alternatively take R4782.00 (i.e. whatever is the amount on which
you need to pay Zakaat based on the rules explained in this book,
and divide it by 40. This will also give you the Zakaat which is
payable.
Important Note: When working out Zakaat on your gold and
silver jewellery etc. The Zakaat payable is not based on current price
of that jewellery, but it is based on the current price of weight of the
gold or silver.
Vol.5 pg.298
298
In other words, if a person has 111 grams of gold. He or she will
multiply it by the current local price of gold for the said carat of gold.
Thereafter he or she will calculate 2.5% of it (i.e. one fortieth) which
will be the Zakaat payable.
Example
1. If the current local gold price of 24 carat gold is R534.00 per gram
2. As per the above example take 111 grams and multiply it R534.00,
which equals R59, 274. This will be the current gold value for the said
weight.
3. Take 2.5% of the value of that gold which is R59, 274 x 2.5% =
R1481.85. So the Zakaat payable on 111 grams of gold will be R1481.85.
4. Alternatively you can divide the value by 40 and it will also give you
the same amount, which in this example is R1481.85 which is the
Zakaat payable on the weight of that gold.
Zakaat is currently worked out based on silver as the silver price per
gram is cheaper than gold currently. If the gold became cheaper than
silver, the Nisaab would be calculate based on gold prices.
Silver Nisaab is as per 52.5 Tola Silver = 612.36Grams (612)
Gold Nisaab is as per 7.5 Tola Gold = 87.48 Grams
I have attempted to present the above mentioned formula to make
calculating Nisaab, and your Zakaat on money, gold and silver etc.
easier. [Sag e Mufti e Azam Muhammad Afthab Cassim Qaadiri Razvi
Noori]

Vol.5 pg.299
299
STRIVE TO

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