Zakat on savings and the nisab, how to work it out
1 min read. Updated 11 Nov 2026.
Zakat on wealth is 2.5% of what you own when it reaches the nisab and a full lunar year has passed. What puzzles many people is how much the nisab is today and what counts.
The nisab
The nisab is the value of 85 grams of gold. Egypt's Dar al-Ifta works it out at 21 karat, and some scholars use 24 karat. Others use the value of 595 grams of silver, which is much lower. Since the gold price changes, the nisab in pounds changes every day.
What counts
- Cash at home and in bank accounts.
- Foreign currency at today's rate.
- Gold and silver kept as savings, such as bars and gold pounds.
- Certificates and deposits. Scholars differ here: some count the amount and the return, others only the return.
Take debts that are due off the total before you compare it with the nisab.
An example
If everything you own adds up to 300,000 pounds, above the nisab, and a year has passed, the zakat is 7,500 pounds.
The zakat calculator in Geneh shows today's nisab and leaves the choice to you where scholars differ.
This guide explains how things work and is not financial advice. Check the current numbers in Geneh before you decide.