Zakaat-ul-maal

The minimum amount of nisab for Zakatul-Maal is determined based on either one of two standards. The first is the equivalent of the price of eighty five (85) grams of pure gold which, according to today's market value, is $4756.60. The second standard is the equivalent of the price of five hundred and ninety five ($595) grams of silver, which is worth $743.75 in today's market value. A Muslim can choose either estimation to determine whether they are obligated to pay Zakaat or not.

It is important to know that Zakaat is calculated based on the total amount of wealth in one's possession at the end of the lunar year, not only the minimum amount of Nisaab. Therefore, if the total amount of one's wealth is equal to or greater than the ($4756.60) dollar Nisaab, and it has stayed at or above ($4756.60) dollar amount for a complete lunar year, then Zakaat is due on this wealth. Zakaat must be paid on his wealth at a rate of two and a half percent (2.5%) of the amount possessed at the end of the year.

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