26 Jumada al-Awwal 1441

The nisab for Zakah is either 85g of gold or 595 g of silver, correct me if I’m wrong. But my question is if I have 1000€ on the bank, the the nisab of gold is not reached, but the nisab of silver. Do I have to pay Zakah or not? Why are there 2 threshold mentioned and how can we know which is applicable one our money because silver is less in value than gold?

By Admin
In Zakat
Dec 13th, 2019
0 Comments
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ANSWER:

You need to see how many € are needed to reach 595 grams of silver and then give 2.5% of that because the nisab of cash is calculated according to the value of silver and not gold. 

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