Q. What is the amount of Nisab? How is the Nisab amount calculated? Is it a fixed dollar amount? class student at U (email.)
A. The amount of Nisab is calculated by you finding out if you have the value of the following: if the silver you have is 52 1/2 Tolas (634 grams, some have even said it is 612.35), or as in the case of gold, 7 1/2 Tolas (87.48 grams), then you are eligible to pay Zakat. Thus, the Nisab for cash would be calculated in accordance to whether that cash amount is above the value of 612grams of silver or 87.48grams of gold. (If you have gold and silver which is less than the mentioned weight, however, when they are combined, and its dollar value equals the amount of Nisab, then too you are obligated to pay Zakat.)
We recommend that you do it based on the price of silver. This way the poor can benefit more greatly. Should the price of gold fall below silver, then we would use gold as our standard. Since silver is lower in price value and gets us quicker to the nisab amount, we would use silver as the nisab standard. Kindly multiply 612.35 grams by the current value of silver; having this amount or more would qualify you for paying zakat.
Go here: Kindly make sure you place 612.35 grams, also kindly make sure you check out the silver box, and not platinum, gold, etc.
Allah certainly knows best.
kindly send this response for clarity to all those present in class. Hope this helps as well as clarifies matters. On November 10-2010 at 7:53am the amount is $540. (Having more then this amount means you are a millionaire in comparison to those that are ‘have-nots.’)