What is the nisab (minimum threshold for zakah) for wealth (paper currency)?
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Question:
A listener sent a message containing a set of questions. It is from our brother (H. A. Y. 'A) from Jeddah. Our brother says in his first question: My father passed away some time ago, and we are six brothers. Allah has blessed us with a considerable amount of money, which has been with us for a year. Please note that it does not generate any profit for us; rather, it is kept in storage. Is zakah due on it? And what is the nisab (minimum threshold for zakah) for wealth or paper currency? May Allah reward you with good.
Answer:
Yes, if a lunar year has passed over it, then zakah is due on it, whether you acquired it through inheritance or otherwise. The obligatory amount is one-quarter of one-tenth. For every one thousand, it is twenty-five; for twenty thousand, it is fifty; and so on, one-quarter of one-tenth. For one thousand, it is twenty-five riyals, meaning one-quarter of one-tenth; for two thousand, it is fifty, and so on. Yes.
The presenter: May Allah reward you with good.
A listener sent a message containing a set of questions. It is from our brother (H. A. Y. 'A) from Jeddah. Our brother says in his first question: My father passed away some time ago, and we are six brothers. Allah has blessed us with a considerable amount of money, which has been with us for a year. Please note that it does not generate any profit for us; rather, it is kept in storage. Is zakah due on it? And what is the nisab (minimum threshold for zakah) for wealth or paper currency? May Allah reward you with good.
Answer:
Yes, if a lunar year has passed over it, then zakah is due on it, whether you acquired it through inheritance or otherwise. The obligatory amount is one-quarter of one-tenth. For every one thousand, it is twenty-five; for twenty thousand, it is fifty; and so on, one-quarter of one-tenth. For one thousand, it is twenty-five riyals, meaning one-quarter of one-tenth; for two thousand, it is fifty, and so on. Yes.
The presenter: May Allah reward you with good.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.