Zakat

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What is Nisab?

The Zakat Nisab value is the minimum threshold required for an individual to be obligated to pay Zakat in that specific lunar year. Your total overall wealth must equal or exceed the Nisab value in order for you to be liable to pay Zakat.

The Nisab was set by the Prophet Muhammad (peace be upon him) at a rate equivalent to 87.48 grams of gold or 612.36 grams of silver. Originally, these values of silver and gold were equal but in recent times, they have become vastly different. The gold-based threshold being significantly higher than the silver-based threshold.

28 April 2020 / 04 Ramadan 1441

Nisab threshold as at 28 April 2020 / 04 Ramadan 1441H

Nisáb = R6460.81
Silver = R10.55/g (R328.16oz)
Gold = R1 189.34 /g (R36,992.93/oz)

Calculations inclusive of VAT

How do I Calculate My Zakat?

If the net value of asset that have been in your possession for a full calendar year equals or exceeds the Nisab threshold, then you are obliged to pay Zakat on the total value of your assets. If you only have gold as an asset, then the Nisab measure for gold should be used. There is general consensus among scholars that if you have a mixture of assets, then using the silver measure for Nisab is safer and more beneficial for the recipients of Zakat.

Use our  Zakat Calculator to calculate your Zakat

Zakat: A sacred pillar

Zakat is not just a fundamental pillar of Islam. It is also a revolutionary concept with the potential to ease the suffering of millions around the world.

Allah (SWT) has enjoined Zakat upon us:

“And be steadfast in prayer and regular in charity: And whatever good ye send forth for your souls before you, ye shall find it with Allah” (Qur’an 2:110)

Zakat is a right that the poor have over the wealth Allah has entrusted us with

“those in whose wealth there is a recognised right for the needy and the poor” (Qur’an 70:24-25)

Simply picture this: if just the top ten richest people in the world paid Zakat – a mere 2.5% of their wealth – that would amount to a staggering R134,64 billion! The power of that money in tackling poverty would be huge.