How can Zakaat be Calculated on Paper Currency or Money? – Dr Zakir Naik

How can Zakaat be Calculated on Paper Currency or Money? – Dr Zakir Naik

Yusuf Chambers: Now in terms of paper currency, money how should Zakaat be calculated?

Dr. Zakir: As far as paper currency is concerned it is interchangeable with gold and silver we should try and find out the value of your paper currency and that keeps on changing, we can either evaluate what is the amount of currency that will reach the Nisaab level either with the Nisaab of the gold i.e. 85 grams of gold or the Nisaab of the silver i.e. 595 grams of silver so we should try and find out what would be the cost of 85 grams of gold in your country, in your currency or 595 grams of silver in your country, in your currency.

Now the difference of opinion that what should we take as Nisaab, should you take the Nisaab of the gold or the silver. Some of the Fuqahas say that take the lower limit so that a person gives Zakaat even though the Nisaab is low, some of the Fuqahas say that take the Nisaab which is higher so that, that gives an advantage to the poor person, he need not pay till it reaches the higher level of the Nisaab while other Fuqahas say that since silver was used as a way of trading in the olden days so you should take the Nisaab of the silver and try and find out what is your currency as far as 595 grams of silver is concerned.

But this option is left but if you really want to be more sure then you can take the lower level of Nisaab and normally silver, the rate of silver nowadays, 595 grams of silver is much less than 85 grams of gold. We should see what is the current value.

Suppose you are calculating the Zakaat to be paid at one particular date whether it be the 1st of Ramadhaan or whatever it is, you have to find out what is the value of 595 grams of silver or 85 grams of gold at that time. Now at present in India value of 1 gram of gold is approximately 900 rupees that would be approximately 22 or 23 dollars for 1 gram of gold. This rate of silver and gold will change in each country, what is the value in India will change what’s in Dubai may change, in America may change, in UK and the currency also keeps on fluctuating. In India today approximately for 1 gram of gold is approximately 900 rupees that comes to 22-23 dollars that means 85 grams of gold, the Nisaab level would be 76,500 rupees approximately. In dollars it would be somewhere close to 1900 dollars. If you want to take the Nisaab level of silver then 1 KG of silver approximately cost in India 18,000 rupees that’s equal to 450 dollars. So 595 grams of silver would cost approximately 10,710 rupees and in dollars it will be about 268 dollars, approximately. But the rate will change in Dubai, it will change in UK, it will change in USA, so wherever you are living you can take any financial magazine or any economic magazine and try and find out the rate and you can calculate yourself and if it reaches that level then you should give Zakaat if it’s above that also 2½% on whatever savings you have whatever surplus you have, you have to give that much Zakaat that year.

Yusuf Chambers: JazakAllah khair, most of the…there are many Zakaat calculators available online free as well, aren’t they?

Dr. Zakir: That’s right.

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