Nisab of gold and silver

Nisab of gold and silver

The second question of Fatwa no. 1881
Q 2: How should we calculate the Nisab (the minimum amount on which Zakah is due) in the Turkish banknote? Which is better; calculating it (the Nisab) according to the price of gold or silver? Also what is the difference between them?
A: The Nisab of gold is twenty Mithqals (4.68 grams) and twenty Mithqals are equivalent to 11 and 3/7 Saudi gold pounds, and the Nisab of silver is one hundred and forty Mithqals, or two hundred dirhams at the time of Prophet Muhammad (peace be upon him), which equal 56 Saudi silver riyals. If a Muslim has Turkish coins that equal the Nisab of gold or silver in their possession for one lunar year, they are obligated to pay 2.5% of it as Zakah. In case the person has more Turkish coins than the Nisab of both silver and gold, they should calculate the Zakah according to the one that is most beneficial to the poor. But if the money only reaches the Nisab of one of them and not the other, the Zakah should be calculated according to the price of the one whose Nisab is reached.
May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.

The Permanent Committee for Scholarly Research and Ifta'

Member	Member	Deputy Chairman	Chairman
`Abdullah ibn Qa`ud	`Abdullah ibn Ghudayyan	`Abdul-Razzaq `Afify	`Abdul-`Aziz ibn `Abdullah ibn Baz