What is the Nisaab in Zakat

Hacene Chebbani


Channel: Hacene Chebbani

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The "ma'am" or "monster" term is used in Islam to deify individuals or groups for wealth or money, and gold and silver can affect people's views of wealth and success. The value of silver is 0.65772 and gold is around 80 grams, making it more suitable for people with foreign Canadian dollars. The risab is only worth $2,500 after one year and can be paid off in 12 months or after a year if the savings reach the value of the risab. The savings can also be paid off in the future if the savings reach the value of the risab.

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Salam aleikum wa rahmatullah wa barakato. hamdu Lillahi Rabbil Alameen wa salatu salam, ala Shafi, mousseline Sydenham Hamad Wilder early he was so he he may,

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we are brothers and sisters in a de Colombia, the Leone and in nisab if is a cat, we'll be talking about the nisab ins a cat. And then nisab is the minimum amount of wealth which makes you or makes me under the obligation of paying there's a catch. In another world that nisab is the amount the net worth of one's assets must exceed,

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must exceed before for them to be obligated to pay this occurred.

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During the early days of Islam, their nisab was calculated either in gold or silver. So their nisab in gold was 20 dinars of gold, which is equivalent to around 85 grams of gold 85 of pure gold 85 grams of pure gold. They're nisab in silver was around 200. Durham's

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of silver, and so and the equivalent in a weight is equivalent to 595 grams of silver.

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So what we ended up having two standards here are two, you know, tuning subs, one is having gold and the other one is in silver.

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Now which one we fall, last month, I checked the price, the price of gold between May 2019 until April 2020 for one year, and the price was ranging between 55 to 74. Canadian dollars. So the average price of gold for last year was around 64.5. Canadian dollars. If you multiply this number 64.5 by 85, the total will be 5482. Now to make it easy for people to be in the safe side, we should fix it at 5000. So 5000 Canadian dollars is the newly updated nisab for Canadians this year in 2021. Allahu Allah, Allah Allah. However, the story is completely completely different. If we calculate the the value of nisab in silver,

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you know, as of April for 2021 gram of silver was priced as 0.65772.

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If you multiply this value with 595, we said the nisab of silver is 595 grams of silver. That's an ISA. If you multiply this amount, this price of silver as of April for 2020. With 595, the total will be 391. Canadian dollars, and that's nothing. The person who has 391 Canadian dollars or 400 Canadian dollars in his account is not rich, is not rich by an 80 There is no way you can define this person as a rich person.

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It could be different from one country to country, we're talking about Canadian context here or North American context. I mean, there is no way you can describe someone who has foreign Canadian dollars in his account as person as a person who is rich. Why? Why we're using the term Rich here. Leander rasool Allah salatu salam, our beloved

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prophet muhammad sallallahu alayhi wa sallam when he was talking about security, he said in Sahih al Bukhari had a hadith module Teresa hated Buhari call to her domain of Nia him what what do I know for Cora him, it is to be collected from the rich and distributed among their pool. So, now if we ask people to follow the nisab of silver or adopt or use the nisab of silver, then we will end up asking the poor people to pay zakat, which is not right. And heavy Valley salatu salam yaku to how do you mean Alinea. It is to be taken or collected from the rich.

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Now, this, by the way, was the first word of the Islamic resource County Council, which is affiliated with Al Azhar University a long time ago, we made a decision that there is a big difference between the price of gold and silver and people nowadays should follow the nisab of gold. They said it is more stable. It is therefore it is more suitable to be used as a standard. Now, I would like to deal with some misconceptions. There are some Muslims who believe that they are not obligated to pay zakat on the value of the nisab itself. They think that they are only obligated to pay zakat on what is above the nisab.

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For instance, melt was able to collect you know some amount of

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money savings.

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He made some savings of 5000 Canadian dollars one year ago, after one year had passed, he had in hand around 7000 Canadian dollars. So Mike believes that he owns the nisab and he has to pay zakat. But he doesn't think that he should pay zakat on the 5000 because this is the value of nisab. He thinks that he should pay only on what is above the nisab which is 2000. So he will end up paying $50 as as a carrot payment. Right instead of paying 175 which is wrong, there is a big difference here. No, we can know the answer. We cannot deduct the value of the nisab from our wealth. We need to pay zakat after one year at pass. We pay zakat on everything we have in our hands. I'm saying he

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one year had passed. Because when you receive when you savings reach the nisab. You don't have to pay zakat right away, you need to wait for 12 months within the Islamic calendar, we need to follow the Islamic calendar.

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And at the end of the year we pay if we still have the NIS up, there is something that we need to pay attention to here. If we still have the nisab we pay 2.5 Or what is an amount that is above the nisab we pay 2.5% 2.5% If we follow the Islamic calendar

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if for whatever reason, we decided to follow the the Gregorian calendar, the solar calendar, then we pay 2.577 instead of 2.5. Or if you make it easy if you want to make it easy for yourself you make it 2.6 2.6 If you are following the Gregorian calendar, there are people who like to follow the Gregorian calendar for some reasons for accounting reasons or somehow you have to have a good reason. Otherwise, we should follow the Islamic calendar and just make it easy on ourselves and pay 2.5% from our wealth. Now if your savings after three months, four months in the middle of the year go down they go down below the nisab the value of the nisab then you are allowed to cancel the first

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date you are allowed to cancel the first date and then wait until your savings reach the value of the nisab again, and then you record the state. You write it down or you memorize it you keep it in your mind. After one year again has passed. You pay 2.5% Everything that you have in your hand whether it is cash, or savings in gold and silver, or stocks, or merchandise if you are a businessman you need to value calculate the value of your merchandise, anything for sale not for personal use anything for sale, you calculate its value and you pay 2.5 We'll talk about the calculation of zakat very soon inshallah. And then maybe in the next video. Now there is another

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question here important question. How about if I am saving money for hash I'm saving money for marriage. I'm saving money for the education of my children. You still have to pay the cat on this kind of savings. There is no way you can escape the cat here these are savings even if are saving for how much you put you put you pay you need to pay the cat it's only 2.5% is not a big amount. Remember when that you are Sharia Islam, Allah subhanaw taala is allowing you to keep in your hand for yourself 97.5% from your wealth, it's only 2.5 minutes Allah subhanaw taala Anita Cabella middle Jamia hamdu Lillahi Rabbil Alameen wa Salatu was Salam where I should have been more saline were

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illegally caught in sha Allah. We'll see you in the next Halaqaat salaam aleikum wa rahmatullah wa barakato.