Question
I am making an enquiry regarding zakaat payment. I would like to know if zakaat is payable after the first 80 grams of gold or on the full amount. eg if I have 500 grams of gold, do I pay on all 500 grams or 420 grams??? Also what is is meant by Todays Zakaat Nisaab??
Jazakallah
Answer
In the name of Allāh, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
1. In principle Zakaat is payable upon a person who possesses the Nisaab (i.e. 612.35 grams of silver or 87.479 grams of gold) or any currency that equals this amount of gold and silver over and above his basic requirements, and this wealth remains in his possession for a complete lunar year, then on the expiry of this year, it will be waajib on him to give zakaat on his wealth. If his wealth is lesser than the nisaab explained above, zakaat will not become waajib.[1]
Hence in reference to your question, Zakaat will be payable on the full amount.
2. ‘’Today’s Zakaat Nisaab’’ is determined by the value of gold or Silver of that day.
And Allah Ta‘ala knows best
Mufti Luqman Hansrot
Fatwa Dept.
[1] Bahishti Zewar Vol:1, Pg:297-304, ZamZam Publishers