Zakat

Pay your Zakat Al-Mal quickly and securely

Shaikh Ibn Baaz stated in a fatwa that Zakat is compulsory on paper currency when its value reaches the lesser of the two nisabs out of silver and gold. (Fatawa Ibn Baz, 14/125) And the lesser of the two nisabs out of the two is silver in our times. So if your money has reached the value of 595 grams of silver, and you have had it for a year, you must pay zakat at 2.5%. As of Ramadan 2018 the value of 595 grams of silver was £232 Sterling (or $311 USD).

For information on how to calculate Zakat, read this article compiled by Abu Khadeejah Abdul-Wahid.

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