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Fatwa CenterNisab of Gold and Silver Differ in Value: Which One to Opt For
Question
السلام عليكم ورحمة الله وبركاتهI live in the Netherlands which is a wealthy country. The nisab of gold is around 4220 euro and the nisab of silver is around 261 euro (zakaat.eu). Which one should we use? Because in the Netherlands you are not considered rich if you have €261. So should we use the nisab of silver or the nisab of gold. Jazak Allah gair
Answer
All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad 
is His slave and Messenger.
Estimating the Nisab in banknotes that people deal with today is the equivalent of eighty-five grams of pure gold or five hundred and ninety-five grams of pure silver. One may consider the minimum Nisab (minimum amount liable for Zakat) [from among the gold and silver]; because it is more favorable to the poor, and this is the view of many scholars. This is also our view in most of our Fatwas in Islamweb. Accordingly, whoever possesses the value of what reaches the Nisab of silver, and one whole lunar year has passed while it is in his possession, then he must pay Zakat by paying 2.5%.
Some scholars view that what counts in determining the Nisab in money is gold only. Sheikh Al-Qaradawi 
favored this opinion in his book The Fiqh of Zakat. Whoever believes that this view is correct and acts upon it or imitates a scholar whose knowledge he trusts, then there is no liability on him, and there is no sin on him.
Saying that a person is not considered rich in those countries except those who own the value of the Nisab in gold or more, and those who own the value of the Nisab in silver are not considered wealthy, then this is of no effect on the ruling on Zakat due to the fact that the Lawgiver [i.e., Allah] specified the amount on which Zakat is obligatory and did not link it to the description of wealth even if the general condition of one who possesses the Nisab and can do away without its use until one whole year has elapsed, is considered rich.
Allah knows best.
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