Nisab is the minimum amount that a Muslim must possess in order to be obliged to pay zakat. It is based on the valuation of 612.36 grams of silver or 87.48 grams of gold.

The nisab value is the amount that a person must possess in order to be subject to the obligation to pay zakat. It can be calculated based on the value of gold or silver owned. However, by using the value of silver, more people will be subject to the obligation to pay zakat, which means that more money will go to the poor and needy.

Nisab calculated using the silver standard is much lower than its gold equivalent. This is due to the fact that the value of silver has fallen sharply since the time of the Prophet (peace be upon him).

There are arguments for using both nisab values. Many scholars argue that it is better to use the silver nisab standard, as it will increase the amount of charity distributed; others argue that the gold nisab standard is closer to the nisab used during the time of the Blessed Prophet (peace be upon him).

However, if your assets consist entirely of gold, you must use the gold nisab standard, and similarly, if they consist entirely of silver, you must use the silver nisab standard.

Although we mentioned earlier that the A & A Rainbow Hearts Around The World Foundation recommends calculating nisab according to the silver standard, if you only have gold and no cash savings or other assets, you should use the gold standard nisab method to calculate your Zakat. If the value of your gold exceeds the nisab amount, you should pay Zakat on the amount above the nisab threshold.

If you want to calculate your zakat and do not know the value of your gold and silver, it is best to weigh them and value them based on their current prices. You can find the current prices of gold here, and silver prices here. You can also use our Zakat calculator, where you enter the weight of these two precious metals you currently own and all your other assets, and our calculator will calculate the amount of Zakat you should pay. You can find our Zakat calculator on our website - Click here to go to the Zakat Calculator.

Using our tool, you can choose which standard you want to use to calculate your nisab. In the other fields, enter the amount of metal you own, the amount of cash you have, the funds in your bank account, loans granted, and debts to be repaid. Our calculator will calculate the amount of nisab and the amount of Zakat to be paid. If you run a business, simply select ‘I run a business’ in the calculator, and our calculator will also expand into business mode and guide you step by step through the calculation of your Zakat from private and company funds.

Zakat is an individual obligation, so it is best to calculate it individually for each spouse. If you do not own any precious metals subject to Zakat and all your assets are divided equally between you, you can divide them in half and calculate the nisab and Zakat due for each of you using our Zakat calculator, which you can find here.

If you possessed wealth above the nisab threshold at the beginning and end of the zakat year, zakat will be payable even if your wealth fell below the nisab for most of the year.

If a person has assets that exceed the nisab threshold, but needs to pay rent, buy food, clothing, etc. for himself and his dependents, then these costs can be deducted from his assets.

If, after deducting these costs, the remaining amount is less than nisab at the end of the zakat year, then there is no obligation to pay zakat.

The zakat year begins on the day when you first came into possession of wealth above the nisab.

This will be your starting date. After one lunar year (hawl) has passed since this date, you will need to calculate zakat, regardless of fluctuations in the amount of your assets.

The only situation in which the start date will change is if you become completely bankrupt and lose all your assets. In this situation, the new start date will begin when you are again in possession of assets in excess of nisab.

If you are unsure of your start date, estimate it as best you can.