Most people are daunted by the process of calculating Zakat, but it’s actually quite straightforward. It’s even more straightforward with our Zakat Calculator. But if you’d rather do it yourself, here’s a breakdown of how:
First, you need to know the accurate price of gold/silver today to work out the monetary value of Nisab. So for example…
So if the Nisab by gold standard is 87.48; and if the price of gold was £30 per gram; then you could work out the value of Nisab as: 30 x 87.48 = 2,624.40.
That means that if you have £2,624.40 or more in assets/savings you are eligible to pay Zakat. The amount you’ll have to pay is 2.5% of your total savings (after a year’s worth of living expenses, and provided you’ve had that amount for a full year.)
As per these prices, the Zakat you’d have to pay would be £65.61.
Please note that the calculation above is just an example of how to work out your Zakat, and you shouldn’t take it as an up-to-date representation current gold prices. If you’re still unsure about how to calculate your Zakat or are worried you might get it wrong, please use our Zakat Calculator for free.