Daily Nisaab Prices

07 January 2020 / 11 Jamad-Ul-Awwal 1441
Nisáb = R6270.57
Silver = R10.24/g (R318.57/oz)
Gold = R834.86 /g (R22,550.05/oz)

Prices & Calculations include VAT

What is the meaning of Nisáb?

Nisáb is a minimum amount of wealth which makes one liable to pay Zakáh. The person who possesses an amount equal to or greater than this specified minimum wealth, which remains in his or her possession for a period of one year is considered wealthy enough to pay the Zakáh.

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logo sm2Bitcoin is the first decentralized digital currency. In short, Bitcoin and other Crypto Currencies are digital coins you can send using the internet by means of technology called BlockChain. It can be considered as an alternative to “normal” money. Over the years many businesses have started to accept bitcoin as an acceptable currency and form of payment.

Zakah on Crypto Currencies

Crypto Currencies are considered assets hence Zakah must be paid on all holdings. There are numerous academic papers where prominent Ulema discuss the permissibility of Crypto Currencies. Most of these research papers deem them as halaal hence Zakah MUST be paid on their market value.

**All other conditions of Zakah (Nisaab, Haul etc) must also apply to be deemed necessary to be paid Zakah on.

** Zakah cannot be paid on unlawful gains.

Statement from SANZAF Ulema advisory committee on Zakah on Bitcoin

Methods of Paying Zakah on Bitcoin and other Crypto Currencies