Answered by Shaykh Ilyas Patel
A1) The nisab (minimum amount you have to possess) is
Gold- 20 Dinars or 7.5 Tolas or 87.48 grams, which comes to ?572.57 British pounds (correct for Nov 6th 02)
Silver-200 Dirhams 52.5 Tolas or 612.36 grams or 19.6875 which comes to ?56.50
British pounds ((correct for Nov 6th 02)
Since the time of the Prophet (Allah bless him and give him peace) the price of silver has drastically fallen whereas the price of gold has risen. Hence the drastic difference between the current figures for the Nisab of gold and the Nisab of silver. The principle of Anfa’li-Fuqara (what is more beneficial to the poor and recipients) is applied whereby that which is most beneficial to the recipients of Zakat is taken into account by some scholars. Hence the nisab of silver is applied as the standard Nisab. Therefore if the total value of your excess wealth is ?56.50 or more than you are liable to pay Zakat.
A2) Yes, one has to pay Zakat even though he has only material assets and not liquid assets.
MMVIII © Qibla.
All rights reserved
No part of this article may be reproduced, displayed, modified, or distributed without the express prior written permission of the copyright holder. For permission, please submit a request at our Helpdesk.
The Messenger of Allah, peace and blessings be upon him, said, "Knowledge is only through study." While some knowledge can be gained from reading or casually listening to lectures, the best means to gain knowledge is through finding a qualified teacher and then setting up a systematic program of learning. Picking up a book or reading an article and trying to figure things out on our own is no substitute for learning from someone who has a direct link to our living tradition.
Through joining an online class at Qibla, you can benefit from convenient, online courses that will give you access to reliable scholars and our popular curriculum learning tracks. Knowledge gained in these courses will both build your iman and assist you in putting into practice what you learn. Don't give yourself less than you deserve, register today.