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ZAKAAT - amma - 08-18-2009
Salam
I would like to explore the topic of ZAKAAT.
Most of us know what is it, but i am having trouble finding out how to actually work it out. From some research i have carried out i found out that it is determined by the NISAAB VALUE.
I have found this hadith
According to a prophetic hadith, "Gold is not liable to Zakah unless it reaches twenty dinars. Once it reaches this amount, half a dinar must be paid as Zakah on it. Likewise, silver is not counted for Zakah unless it reaches two hundred dirhams. Once it reaches this value, an amount of five dirhams must be paid as Zakah on it."
And so it seems that 20 dinars of gold is = 85g of gold and 200 dirhams = 595g of silver.
You need to find out the money value of this by finding out what 1g of gold and what 1g of silver costs and then multiplying it with 85g and 595g. Whatever the value that is the nisaab. AND then find 2.5% of that.
HOWEVER the question is if the above hadith is authentic as i havent been able to find a reference?
ALSO if one does not own gold but has loads of money saved up how does that work?
Which nisaab do we use the gold or silver for our money? Some scholars say its better to use silver as its cheaper compared to gold and therefore the nisaab value will be lower and therefore people will give more zakah to charity as there wealth is over the nisaab.
If anyone knows anything to do with this topic please reply and if you have references from the quran and sunnah please post them here.