I work in Europe and I have money in euros and money in the local currency in my home country. I'm asking about how to calculate the nisab of zakat, in which currency, and in which country should I pay it?
"The difference in the stored currencies does not affect the calculation of the threshold. Rather, the threshold is estimated based on the cheaper of gold or silver. If the total amount of money you own reaches the value of 595 grams of silver, then Zakat is obligatory. What is required is to give a quarter of a tenth (2.5%) of the total amount of money, regardless of the difference in currencies or countries. Zakat can be given from the same stored currency, or other currencies can be evaluated at the exchange rate of the currency from which Zakat will be given. It is permissible to transfer Zakat to Egypt and distribute it to the poor and needy relatives, for the benefit of helping them.
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Reviewed by El Fatwa's sharia committee.
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- 13221
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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