“…and those in whose wealth there is a recognised right, for the needy and deprived” (Qur’an 70:24-5)
Nisab is a pre-defined threshold for Zakat
If your savings reach Nisab threshold (after accounting for yearly living costs/expenses) then you must pay 2.5% in Zakat to the poor. The Nisab is determined through the current value of gold and silver (the preferred Nisab at this time is silver, because it maximises Zakat).
The Nisab threshold which obligates the payment of Zakat will be based on the current price of 612.36 grams of silver. This can be calculated by visiting silverprice.org and taking the most up to date valuation. As of 10 May 2020, this amount equates to approx. £244.99 for silver.
- The Nisab value in Gold is 3 ounces / 87.48 grams or it’s cash equivalent.
- The Nisab value in Silver is 21 ounces / 612.36 grams or it’s cash equivalent.
To calculate your Zakat contribution, you must know the accurate price of gold and/or silver today. Alternatively you can use our Zakat Calculator. Below is an example of how Zakat is calculated on gold and silver.
On Gold: If the price of gold were £30 a gram, for example, the Nisab would be 30 x 87.48 = 2,624.40. So if you have £2,624.40 or more in wealth/savings you would be eligible to pay Zakat. The amount you’d have to pay is 2.5% of your total wealth (after expenses and provided you have had that amount for a full year.) The minimum Zakat payable as per these prices would be £65.61.
On Silver: If the price of silver were £1 a gram, for example, the Nisab would be 1 x 612.36 = 612.36. So if you have £612.36 or more in wealth/savings you would be eligible to pay Zakat. The amount you’d have to pay is 2.5% of your total wealth (after expenses and provided you have had that amount for a full year.) The minimum Zakat payable as per these prices would be £15.31
NOTE: The above is a guide for calculating Zakat, and should not be taken as an up to date representation of gold/silver prices. To determine how much Zakat you should pay, PLEASE USE OUR ZAKAT CALCULATOR.
Pay Your Zakat
Zakat for 2020 is set to be £5 per person. Please select how many people you would like to pay Zakat for or use the custom amount to enter a calculated Zakat value.
Zakat El-Fitr 2020
We Have Stopped Collecting Zakat!
May Allah Accept Your Ramadan & Protect Your Faith After Ramadan.
Please note the form below is mainly to pay Sadaqah and will be spent to support the Mosque and will not go toward Zakat.