ZAKAH CALCULATIONS

To check the latest price of Gold click here. You will find all the prices in Grams, Ounces or KG.

Gold

Calculating the value of your gold

Gold you Own  x  Latest Gold Price = The Value Of Your Gold
e.g. you own 50 Ounce Gold. The best way to do it to convert it into grams. 50 x 28.3495 = 1417.475 grams

Secondly, find out the latest value of gold by clicking on the above link 'click here'. 
Price of gold 18/07/2016 was £32.62 per gram

Finally, take 1417.475g x £32.62p =  £46238.04p

So the Value of your gold is £46238.04p

Nissab

The amount of wealth which makes one liable for Zakah is called Nisaab. The Nisaab as fixed by Prophet Muhammad (P.B.U.H) is as follows:

To work out the nissab you need to multiply 87.48g with the latest price of gold (or silver £) £32.62p = will give you the nissab £2854.25p. So if you have £2854.25p or more, whether its gold or cash or business money or business property etc, you are liable to pay 2.5% Zakah from that.

Same principal applies for others.

As calculated in the above example, you have £46238.04p worth of gold. You also have £5000.00 in your account as saving, and you have £10,000.00 invested in a business. you zakah will be calculated as follows:

Gold Value: £46238.04p
Cash in Account: £5000.00
Share in Business: £10,000.00

Total amount Zakah is due on: £61,238.04

2.5%  / 100 x £61,238.04 = £1530.95p

Your payable zakah is £1530.95p