Zakat Nisab is calculated based on Gold or Silver.
“This threshold was set by Prophet Muhammad (ﷺ) at a rate equivalent to 85 grams of gold and 595 grams of silver” (Source ==> )
Step 1: Let’s find the value of 1 gram of gold in US dollar
1 gram of Gold = 67.50 USD
Since 85 gram of gold is the Zakat Nisab
Therefore, 85 gram of gold = 85 x 67.50 USD (US dollar)
85 gram of gold = $ 5737.5 USD
Step 2: Let’s convert 85 gram of gold value in US dollar (i.e. $ 5737.5 USD) to Naira
1 USD = N 1,493.73
Therefore, 5737.5 USD = 5737.5 x 1,493.73 Naira
5737.5 USD = N 8,570,275.875 as at today
According to National Moon Sighting Committee Nigeria as at 6th Sha’ban 1445H /16th February 2024 (source ⇒ https://twitter.com/moonsightingng/status/1758418889577206070),
Zakat Nisab is N8, 310,320.
The deviation of the Nisab was due to the dollar-to-naira exchange rate and the current market value of the gold.
Additionally, consulting with your local scholars or Islamic authorities for the most accurate and up-to-date information is recommended.
AWF provides Zakat Assessment, Collection and Distribution services in accordance with Qur’an and Sunnah.
Our value proposition includes:
1. Financial inclusion,
2. Empowerment,
3. Training on skills acquisition,
4. Training on simple bookkeeping,
5. Advisory services,
6. Records and statistics, and
7. Impact assessment.
To learn more and donate, visit ⇒ https://www.almubarakwaqf.org/donate
Our Zakat Collection Account details are:
Name: Almubarak Waqf Foundation Zakat Collection Account
Account No.: 0693545025
Bank: Guaranty Trust Bank (GTBANK)
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