Q: Is the silver Nisab or gold Nisab used to assess Zakat obligation?
A: Many scholars are of the view that the silver Nisab should be the threshold to determine who qualifies to pay Zakat. They argue that if the silver Nisab is the threshold, more people are likely to pay Zakat. Consequently, more people will worship Allah through Zakat and the needy will benefit more due to the volume of Zakat payments.
Other scholars are of the view that the gold Nisab should determine who qualifies to pay Zakat. They argue that the silver Nisab is very low and does not accurately differentiate between the rich and the needy.
Majority of the scholars in the UK favour the silver Nisab as the standard for Zakat payers.
And Allah knows best!
Mufti Faraz Adam