Gold Price Uk For Zakat

The gold nisab should be used on gold assets.

Gold price uk for zakat. How much is nisab for zakat 2020 silver 612 36g equating to 238 82 gold 87 48g equating to 3 753 77. The nisab was set by the prophet muhammad peace be upon him at a rate equivalent to. So anyone who has 1 749 or more in savings will have to pay 2 5 zakat on that minimum zakat will be 43 73.

How to calculate zakat on gold a gram of gold costs around 32. Zakat is due on 2 types of precious metals gold and silver. If there is a mixture of gold and silver assets the silver nisab should be used.

Assets to include in your zakat calculation are cash on hand and in bank accounts shares pensions gold silver business goods crops and cattle. That means that the zakat on gold which you need to pay is. In order to pay zakat a muslim must be adult sane and possess the nisab a minimum amount of wealth for an entire year.

Zakat calculator for gold. For example if you own 50 grams of gold jewellery you would owe 54 50 zakat 50 grams x 1 09. The nisab on gold is 87 48 grams or 3 ounces so if you own less than that you may not need to pay zakat on gold.

Gold and silver are used as the basis for calculating your nisab regardless of currency. A gram of gold costs 43 53 which equates to 1 09 zakat per gram. For example if the price of gold is 20 a gram the nisaab 20 x 87 48 on which zakat is due is 1 749.

Use our zakat calculator to work out how much zakat you owe on gold. The 2 5 zakat rate is obligatory for all muslims whose total possessions cash gold silver shares meet or exceed the nisab threshold. We strive to distribute your zakat as quickly as possible continually driven by the goal to bring hope and save lives where it is most desperately needed.