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Daily Nisaab Prices

13 November 2019 / 16 Rabi-ul-Awwal 1441
Nisáb = R5837.30
Silver = R09.53/g (R296.49/oz)
Gold = R813.65 /g (R25,307.38/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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The South African National Zakah Fund (SANZAF) is pleased to announce the financial results of its year ended 30 April 2019/24 Shabaan 1440.

“We are immensely appreciative of our donors, partners and volunteers whose support allowed SANZAF to forge ahead with our purposeful and structured projects and programmes aimed at providing the enablers to a better future for those battling the challenges of poverty every day”, says Shauket Fakie, SANZAF’s outgoing National Chairperson.

During the reporting period, the organisation reached its 45th year milestone, marked by an encouraging increase in the distribution and expended of total funds collected, from 98% in the previous year to 104%. With over 30.4 million South Africans living in poverty*, this increased distribution is significantly impactful, given the enormity of the task at hand.

The organisation also reported an increase in its collections for the year under review of R137 million of which R98.3 million comprised of Zakah income. Such an increase amidst tough economic conditions, is reflective of the heightened awareness of the plight of the poor and the importance of paying Zakah.

A noteworthy R24 million was disbursed with SANZAF’s Education, Empowerment and Development (SEED) Programme ranging from bursaries for tertiary education to youth development projects.

This past year, SANZAF sadly noted the passing of three stalwarts, Dr Shauket Thokan, Abdool Carrim Gani and Shaykh Yusuf da Costa. These committed members served the organisation with a clarity of purpose that continues to inform our mission and strategic objectives. Such clarity enabled the smooth transition to new leadership as Fayruz Mohamed took the reins as the National Chairperson and Yasmina Francke as the Chief Executive Officer.

“As we look to 2020 and beyond, we remain focussed on our mandate of upholding the 3rd pillar of Islam and continue in our endeavours to exercise the highest level of governance in fulfilling the amaanah entrusted to us. Our focus on operational proficiency will ensure that we continue to effectively serve the community with dignity and compassion”, says Fayruz Mohamed, the new National Chairperson.

The Summarised Annual Review of Activities and Audited Annual Financial Statements for 2019 can be viewed at https://www.sanzaf.org.za/sanzaf-announces-annual-financial-results.html

* Oxfam Inequality Report 2019