The majority of Muslims have their wealth and savings are in the form of money, or in assets to be measured to money (gold). The zakat is due on these assets, if:
- complete ownership of the wealth,
- it reached the nisaab (minimum threshold)
- one year has passed since it reached the nisaab i.e. the value of 85 gram 24 carat gold.
If the above conditions are met, then 2.5% of the total value of one’s wealth should be paid as zakat.
Helping in calculating the nisaab:
On 4th of April 2024 i.e. 25th Ramadan 1445 at 16:02 (CET), according to the independent gold price information page (www.goldprice.org) the price of pure (24 carat) gold was 26,423.51 HUF/gram. That means that the value of 85 grams of pure gold (i.e. the nisaab) was 2,245,998.- Hungarian forints on that day. If one’s wealth reached or exceeded that amount and one year has passed with a complete ownership, then 2.5% of it should be paid as zakat.
