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nisab
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There are 5 letters in NISAB ( A1B3I1N1S1 )
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In Sharia (Islamic Law) nib () is the minimum amount that a Muslim must have before being obliged to zakat. Several hadith have formulas for calculating nib, the most prominent of which declares that No Zakt is due on wealth until one year passes. Zakat is determined based on the amount of wealth acquired; the greater one's assets, the greater the tax. Unlike income tax in secular states nib is not subject to special exemptions. * In Islam, nib is 20 dinrs for gold and 200 dirhams for silver based on the original 1 to 10 exchange rate. The dinr is a gold coin weighing one mithqal (4.25 grams) and the diram is a silver coin weighing 0.7 mithqal (2.975 grams). The nib is applicable to the cumulative stock of dinrs, diram and any other zakatable valuables, such as merchandise that has been in store for at least one year. As long as the total value of the zakatable valuables exceeds the value of the nib, zakat must be paid. |