When calculating today’s nisab value, is the price of gold used or the price of silver or the higher of the two?
“If you only have gold as an asset, then the Nisab measure for gold must be used. If, however, you have a mixture of assets, then the Nisab level for silver should be used. Although some scholars still maintain that gold should be used regardless, using silver is safer and more beneficial for the recipients of Zakat. In most cases this means that if your net assets (income and savings) are above the silver Nisab threshold, you must pay Zakat on the total amount of wealth you own.”
Dr. Senad Agic, Imam
SABAH – Chicago
9920 Grand Ave
Franklin Park, IL 60131