In terms of paper currency how should Zakat be calculated
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Channel: Zakir Naik
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AI Generated Transcript ©
Now in terms of paper currency money, how should Zakah be calculated? As far as people can see is concerned, it is interchangeable with gold and silver, we should try and find out the value of your paper currency. And that keeps on changing,
we can either evaluate what is the amount of currency that will reach the nisab level, either with the nisab of the goal that identify grams of gold or the nisab of the silver that is 595 grams of silver. So, we should try and find out what would be the cost of 85 grams of gold in your country in your currency or 595 grams of silver in your country
in your currency, not the difference of opinion that was should be taken nisab Should we take the nisab of the gold or the silver some of the focus say that take the lower limit. So, that a person gives the card even though the nisab is low, some of the forecasts say that take the nisab which is higher so, that that gives advantage to the poor person and did not pay till it teaches the high level of the new sub what are the forecasts say that since silver was used as a way of trading in the olden days, we should take the nisab of the silver and try and find out what is their currency as far as 595 grams of silver is concerned, but this option is left but if you really want to be
more sure, then you can take the lower level of nisab and normally silver, the rate of silver nowadays 595 grams of silver is much less than 85 grams of gold, we should see what is the current value the boys are calculating the Zakat to be paid at one particular date, whether it be the first day of Ramadan whatever it is, you have to find out what is the value of finance grams of silver or 85 grams of gold at that time. Now, at present in India, the value of one gram of gold is approximately 900 rupees that will be approximate 20 to $23 for one gram of gold, this rate of silver and gold will change in each country, what is the value in India will change what's in Dubai
may change in America may change in UK and the country those keep on fluctuating in India today approximately for one gram of gold is approximately 900 rupees that comes to 20 to $23 that means 85 grams of gold the nisab level would be
76,500 rupees approximately in dollars, it would be somewhere close to $90 million.
If you want to take the sub level of silver, then one kg of silver approximately cost in India 18,000 rupees that's equal to $450. So, 595 grams of silver would cost approximately 10,710 rupees and then dollar that will be about 260 $8 approximately, but then it will change and Dubai will change and UK will change in USA. So, wherever you're living, you can take any financial magazine economic magazine and try and find out the rate and you can calculate yourself and if it reaches that level, then you should give the cards above that also two and a half percent on whatever savings you have. Whatever surplus you have, you have to give that means the cost that you
know so there are many Zakah calculators available on online free as well as on their servers.