In Islam, Nisab is the minimum amount of wealth a Muslim must possess before becoming eligible to pay Zakat, a mandatory form of charity. It is calculated based on the value of silver or gold, and it varies depending on the currency and the current market value of these metals. The Nisab amount is usually updated annually to reflect changes in the market.
The purpose of Nisab is to ensure that Zakat is given by those who have the means to do so, as it is an obligation for Muslims to give a portion of their wealth to those in need. By setting a minimum threshold for the payment of Zakat, the Nisab helps to ensure that those who are truly in need are able to benefit from the charity. It’s worth noting that Nisab is not just an obligation for individuals, but it’s also important for Islamic financial institutions such as Islamic banks and Islamic charities, as they also have to calculate their Zakat obligations based on their own Nisab amounts.
Overall, the concept of Nisab plays a crucial role in ensuring that Zakat is given in a fair and effective manner and that it reaches those who are most in need. Without further ado, let’s have a look at the Nisab threshold for different countries according to the value of their currency against the value of silver.
Note: You must have 612.36 grams (21 ounces) of silver or an equivalent amount of money to meet the Nisab threshold.
The Nisab value in Pakistan against silver in 2023 is approximately PKR 114,790.
In the United States, the Nisab threshold is approximately USD 412.05 according to the current value of silver. This amount is subject to change because of the fluctuation in the value of silver.
The Nisab value in the United Kingdom for the said amount of silver or an equivalent amount of money is approximately GBP 340.29.
In Canada, the Nisab threshold stands at approximately CAD 566.34, which may change as the value of silver in the market increases or decreases.
In the Eurozone countries, the value of Nisab to make you eligible to give Zakat in 2023 is approximately EUR 384.56.
The Nisab value for the above-mentioned amount of silver in Sweden is approximately SEK 4,375.40.
The Nisab value for the above-mentioned amount of silver in Poland for 2023 is approximately PLN 1,795.04.
If you live in Hungary and want to give Zakat, the Nisan threshold for 2023 in our country is HUF 146,655.45.
In terms of Danish Krone, the Nisab value against the said amount of silver is approximately DKK 2,860.70.
In Norway, the Nisab value upon which you are obliged to pay Zakat is approximately NOK 4,337.39 according to the current market value of silver, and it may fluctuate accordingly.
For the residents of Japan, the Nisab in 2023 is approximately JPY 55,389.05 according to the value of silver.
The Indians are eligible to pay Zakat if they meet the Nisab threshold of approximately INR 33,756.78 according to the current value of silver.
In China, the Nisab for 2023 is approximately CNY 2,842.87. It may change from time to time as the market value of silver fluctuates.
The Nisab value for Russian Muslims in 2023 is approximately RUB 31,125.99, if they want to pay Zakat.
In this Central Asian country, the Nisab for 2023 is approximately KZT 184,908.70, as of current value of silver worldwide.
For Nepal, the Nisab value for 2023 is approximately NPR 53,532.47.
In Bangladesh in 2023, the Nisab threshold for people who are eligible to pay Zakat is approximately BDT 43,224.49.
For Muslims living in Australia, the Nisab in 2023 is approximately AUD 621.17.
In Saudi Arabia, the Nisab threshold to pay Zakat in 2023 is SAR 1,546.60 according to the current value of silver.
The Qatari muslims must have a minimum wealth of unused money or silver worth approximately QAR 1,500.28 to be eligible to pay Zakat in 2023.
In Nigeria, the Nisab threshold for 2023 is approximately NGN 189,758.14 according to the value of silver.
The Egyptian muslims are obliged to pay Zakat if they hold an amount of approximately EGP 12,749.35 or an equivalent amount of silver in 2023.
It is important to note that the Nisab threshold may fluctuate based on the current market value of silver. So it is recommended to consult with a trusted religious authority and use a reliable Zakat calculator to ensure accurate calculation and payment of Zakat.