Formula for calculating zakat for gold

al-'Abd Fri Mar 18, 2011 10:30 pm

Formula:

To change Tolas to grams:
Nisab = 7.5 (Tolas) x 11.664 = 87.48 grams
87.48 x price of gold per gram = X
X = Nisab of gold in pounds
X divided by 40 = Zakat

Example:
(Prices are correct to date 18-03-11. visit http://www.kitco.com/market/bp_charts.html for day to day prices)

Price of 24 carat Gold per gram = £28.08p
7.5 (Tola) x 11.664 = 87.48
87.48 x 28.08 = 2456.43

Nisaab of gold = £2456.43
2456.43 divided by 40 = £61.41p

(Formula proposed and approved by Mufti Ikramul Haq Saheb Blackburn)

Note: Notifying of any mistakes will be immensely appreciated.
al-'Abd