Zakat

Shaikh Ibn Baz stated in a fatwa that zakat is due on paper money when its value reaches the lesser of the two nisabs, of silver and gold (Fatawa Ibn Baz, 14/125). In our times the lesser is silver.

So if your money has reached the silver nisab, which the calculator below counts as 595 grams, and you have had it for a year, zakat is due on it at 2.5%. The calculator below uses today's silver price.

• How to calculate zakat, by Abu Khadeejah Abdul-Wahid
• Eligible to receive zakat? Apply here

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