Nisab and Haul in Zakat – The Nisab is that the minimum amount of riches a Muslim must have before they become qualified to pay Zakat. This number is often known as the Nisab threshold.
Gold and silver would be the two values used to compute the Nisab threshold. The Nisab is that the worth of 87.48 g of gold or 612.36 g of silver. You will get the current values on our site or in a jewelry shop.
Islamic Relief counsels its donors to utilize the Silver Worth (that is nearly always a decrease Nisab brink to gold) because this allows for a larger volume of your riches to qualify for Zakat that, in turn, means more aid for your worthy recipients of your Zakat.
In explanations of Zakat, you might hear the expression Haul — that means a lunar calendar year. At times it’s simply known as an Islamic calendar year.
The actual payment of Zakat is to be produced one Haul / lunar year once you become eligible to pay Zakat, in case your prosperity on that date remains at — or over — the Nisab threshold
Gold and Silver
According to the Hanafi madhab, each of gold and silver you has to be included as part of your wealth/resources at the Zakat calculation.
From the Shafi madhab, nevertheless, any gold and silver that’s for private use don’t have to be included as part of your wealth/resources.
If all your wealth is in gold, the value of this gold you have should be at — or over — that the Gold Nisab to be qualified to pay Zakat.
If your prosperity is a combination of gold and silver and money, it’s better to utilize the Silver Nisab threshold.
Many scholars hold the view it’s going to be tremendously beneficial to incorporate most of gold and silver which you have within your wealth/resources, irrespective of whether they’re for individual use or not.
Abu Huraira told that the Prophet Sallallahu ‘Alaihi Wasallam as saying, ‘Charity does not in any way decrease wealth and the servant who forgives, Allah adds to his respect; and the one who shows humility, Allah elevates him in the estimation (of the people).’ [Sahih Muslim].
That’s all about Nisab and Haul in Zakat. May Allah always guide us.