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Formula for calculating zakat for silver

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Formula for calculating zakat for silver

Post  al-'Abd on Fri Mar 18, 2011 10:49 pm

(Just a point to be noted that the Nisab of silver is also the Nisab for money)

Formula:

To change Tolas to grams:
Nisab = 52.5 (Tolas) x 11.664 = 612.36 grams
612.36 x price of silver per gram = X
X = Nisab of silver 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 999 AG Silver per gram = £0.69p
52.5 (Tola) x 11.664 = 612.36
612.36 x 0.69 = 422.52

Nisab of Silver = £422.52p
£422.52 divided by 40 = £10.55p


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

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

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