The nisab of silver zakat is different from that of gold zakat. The exchange rate of gold is higher than that of silver, which makes the nisab different. The scarcity factor and the difficulty in mining and production also make the value different. Gold is a precious metal that is rarer than silver. In addition, gold and silver have been a medium of exchange in ancient times, and gold has a higher exchange rate than silver to this day.
The difference in exchange value is what makes the nisab of silver zakat different from the nisab of gold zakat. To calculate silver zakat properly and correctly, let us first look at the definition and legal requirements.
Definition of Zakat on Silver
Zakat on silver is the zakat that we are obliged to pay on the silver metal assets that we own and have reached the nisab, and we have kept it for one year. The value of silver zakat that we must pay is 2.5% of the amount of silver that we have.
“Verily, the zakaahs are for the poor, the administrators of the zakaah, the persuaded, the slaves, the debtors, for the cause of Allah, and for those who are on a journey, as a statute ordained by Allah, and Allah is All-Knowing and All-Wise.” (At-Taubah: 60).
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Difference between Nisab Zakat on Silver and Zakat on Gold
The nisab of silver and gold zakat is based on the dinar and dirham currencies. The nisab of silver zakat is 200 dirhams, where 1 dirham is equivalent to 2.975 grams of silver. If we calculate based on this provision, we will find that the nisab of silver zakat is 595 grams of pure silver.
The gold zakaah nisab is 20 dinars, of which one dinar is equivalent to 4.25 grams of pure 24-karat gold. If we add up the 20 dinars, the total is 85 grams of pure gold.
The silver and gold zakaah thresholds are based on the hadith narrated by Ali ibn Abi Talib (may Allah be pleased with him) that the Messenger of Allah (peace and blessings of Allah be upon him) said:
“If you have two hundred dirhams and one year has passed since you acquired them, then you shall pay zakaah on five dirhams. And you are not obliged to pay any zakaah (meaning zakaah on gold) until you have twenty dinars. When you have twenty dinars, and one year has passed since you acquired them, then you shall pay zakaah on half a dinar. Anything in excess of that is subject to zakaah according to that amount.” (Abu Daud No. 1573)
The obligation to pay zakat on silver is also in the hadith narrated by Abu Hurairah, the Prophet said:
“Whoever owns gold or silver and does not pay zakat on it, on the Day of Judgment, a plate will be gilded for him from the fire of hell, then heated in the fire of hell Jahannam, then ironed his forehead, ribs and back with the plate. Every time it cools, it will be gilded again and ironed for him on a day equal to fifty thousand years. Then he will see the place to which he will return, whether to Paradise or to Hell” (HR Muslim).
Read also: Can Zakat Payments be paid in installments? Here is the Explanation
Conditions of Silver that Must be Zakaahed
The conditions for zakaah on silver are clearly mentioned in the above Hadith. However, to make it clearer, we will elaborate on them one by one:
- Ownership, meaning that the silver is legally ours and does not belong to someone else.
- Reaching the haul, meaning that it has reached the mandatory time limit for zakaah, which has been kept for one year or more.
- Reaching the nisab, which is 595 grams or more.
If we have a silver stash or savings and have met all the conditions above, then it is obligatory for us to pay zakat of 2.5% of the total silver we have. For more details, here we will discuss how to calculate silver zakat.
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How to Calculate Silver Zakat Nisab
After we understand the nisab of silver zakat, its rulings and conditions, we will then discuss how to calculate the zakat that we are obliged to pay on the total silver assets that we have saved for one year. But before that we need to find out what the current price of silver is.
Launching from the id.bullion-rates.com page, the latest silver price as of April 4, 2024 in rupiah is IDR 13,786. Here is an example of the calculation of zakat:
The formula for calculating silver zakat:
2.5% x Amount of silver stored for 1 year
Mr. Adi has 750 grams of silver that he has saved for more than 1 year. How much zakat is required to be paid?
2.5% x 750 grams = (2.5 : 100) x 750 = 0.025 x 750
= 18.75 grams or IDR 258,487.5 rounded to
= Rp 259,000,-
Friends, this is an example of how to calculate silver zakat. Hopefully, after knowing the calculation method, it will make it easier for us to calculate the amount of zakat that we are obliged to pay. Hopefully this worship can run well in accordance with the applicable sharia provisions and our assets can return clean.
Read also: Types of Wealth that Must Be Issued Zakat
How to Distribute Zakat on Silver
Distributing silver zakat can be in the form of payment in silver, or it can also be converted into rupiah currency value. You can then channel it to a trustworthy zakat receiving and distributing institution. You can distribute zakat in cash or non-cash transactions. We strongly recommend that you choose an official and trusted institution to carry out the mandate such as Baznas and Dompet Dhuafa, so that the zakat that you pay can be channeled properly and right on target according to the purpose of zakat. Zakat your silver treasure by clicking the following link.
