Zakat Calculation on Money & Bank Balance

Religious Education

Calculating Zakat on your savings, paper currency, and bank balance can be confusing. In this video, Dr. Zakir Naik explains the step-by-step process of Zakat calculation on money and paper currency according to Islamic Law (Sharia).   Topics covered in this video:   How to determine the Nisab for cash and paper currency.   The percentage of Zakat due on your total savings (2.5%).   Difference between Zakat on Gold vs. Zakat on Cash.   What time of the year should you calculate your Zakat?   Learn the correct way to fulfill your third pillar of Islam with this detailed guide by Dr. Zakir Naik.    Zakat calculation, Zakat on money, How to calculate Zakat, Dr Zakir Naik, Paper currency Zakat, Islam, Ramadan 2026, Zakat on savings, Nisab of Zakat, Islamic finance, Zakat rules, Zakir Naik official, Pillar of Islam.     Mathematical Reference (For your knowledge)  When explaining the calculation to your viewers in the comments or description, you can use the standard formula:   Zakat Due=Total Halal Savings×2.5%  (Note: This is applicable only if the total amount has been in your possession for one lunar year and exceeds the Nisab value.)

Transcript

00:04Now in terms of paper currency, money, how should zakah be calculated?

00:11As far as paper currency is concerned, it is interchangeable with gold and silver.

00:17We should try and find out the value of your paper currency and that keeps on changing.

00:22We can either evaluate what is the amount of currency that will reach the nisab level, either with the nisab

00:32of the gold, that is 85 grams of gold or the nisab of the silver, that is 595 grams of

00:38silver.

00:39So we should try and find out what would be the cost of 85 grams of gold in your country,

00:45in your currency or 595 grams of silver in your country, in your currency.

00:52Now the difference of opinion that what should we take as nisab, should we take the nisab of the gold

00:57or the silver?

00:58Some of the Foucahas say that take the lower limit so that a person gives zakat even though the nisab

01:06is low.

01:07Some of the Foucahas say that take the nisab which is higher so that that gives advantage to the poor

01:13person, you need not pay till it reaches the higher level of the nisab.

01:16While other Foucahas say that since silver was used as a way of trading in the olden days, you should

01:23take the nisab of the silver and try and find out what is your currency as far as 595 grams

01:29of silver is concerned.

01:30But this option is left, but if you really want to be more sure, then you can take the lower

01:38level of nisab and normally silver, the rate of silver nowadays, 595 grams of silver is much less than 85

01:46grams of gold.

01:47If you follow someone, that's right, I suppose that a few hundred percent of gold will be great.

01:47Go on, go on, go on, go on, go on, go on, go on, go on, go on, go on,

01:47go on, go on, go on, go on, go on, do it, go on.

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