The nisab is the minimum amount of wealth a person must have in order to be eligible to have the obligation to give zakat give zZakat. Because it is a rather old system, the nisab can be tricky to navigate. In most cases, it weighs the value of one’s possessions against the value of gold and silver.

The amount of Zakat that one must pay is determined by their individual wealth, and this money can only go to a very specific set of people. What is Zakat? Before we can delve into who is eligible to receive Zakat, we must first determine exactly what Zakat is. What is commonly referred to as Zakat is actually “Zakat ul-Mal”.

The amount of Zakat to be paid is 2.5% of Nisaab. So anyone who has £612.36 or more in savings will have to pay 2.5% Zakat on that (minimum Zakat will be £15.31). Zakat = Cumulative Assets – Liabilities. 10,469,510 – 50,000 (amount you owe in loan) = 10,419,510. 10,419,510 is the monetary value of the total asset that you own. Now the owed Zakat is 2.5% of this amount and that will be 260487.75. Online Zakat Calculator Can Taxes Be Subtracted from Owed Zakat So, if a Muslim, of any gender, age, or mental state, has the minimum threshold amount (nisab) of Zakat for his or her various kinds of wealth at the time it comes due on that specific type of wealth, God obligates him or her to pay Zakat from it or on it at the rates designated by the Prophet, on him be peace, to the categories of people
Zakat is calculated based on income and the value of all of one’s possessions. It is customarily 2.5% of a Muslim’s total savings and wealth above a minimum amount known as Nisab. There are two measures to determine Nisaab – gold (3 ounces or 87.48 grams, or its cash equivalent) or silver (21 ounces or 612.36 grams, or its cash equivalent).
The Nisab threshold is the bare minimum of wealth required for a Muslim to be obligated to pay Zakat. The percent of Zakat depends on this Nisab. It is measured with either 87.48 grams of gold or 612.36 grams of silver .
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    • minimum amount for zakat