Nisab is the minimum amount of wealth a Muslim must have—after calculating necessary expenses—to be eligible to contribute zakat. The nisab is determined by the current value of gold or silver. While some scholars encourage everyone to use the silver nisab value because it is the safest opinion and increases charity for those in need, it is ultimately up to the Zakat giver to determine which value they prefer to use. The majority today use the gold nisab equivalent.
Nisab is equivalent to the current value of 3 ounces of gold or 21 ounces of silver. The nisab we’ve calculated for our Zakat Calculator is based on the most-recent report available to us (disclaimer: this number may change daily depending on fluctuations in the gold exchange rate).