How is it calculated?

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Assets to include in your Zakat calculation are cash (in hand, in bank accounts or money lent to someone), shares, pensions, gold and silver. Personal items (your home, furniture, cars, food, clothing) are not included in Nisaab.

There are two measures to determine Nisaab – gold or silver.

  • Gold: The Nisaab by the gold standard is 3 ounces of gold (87.48 grams) or its cash equivalent. The price will vary with the current market value of gold.
  • Silver: The Nisaab by the silver standard is 21 ounces of silver (612.36 grams) or its equivalent in cash.

Zakat can only be paid to specific beneficiaries and projects.

Gold: 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. So anyone who has £1,749 or more in savings will have to pay 2.5% on that (minimum Zakat will be £43.73)

Silver: For example, if the price of silver is £1 a gram, the Nisaab (£1 x 612.36) on which Zakat is due is £612.36. So anyone who has £612.36 or more in savings will have to pay 2.5% on that (minimum Zakat will be £15.31)

PLEASE NOTE: These are examples. If you wish to calculate your Zakat, you must obtain up to date information on the price of gold and silver. For more information contact your local Mosque or Imam.

Who can receive it?