What Do You Think?

[jerrys1960]

What is Nisab?

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The Zakat Handbook: A Practical Guide for Muslims in the West By Zakat
The Zakat Foundation of America
Page 35

Some mistakenly define nisab as "an amount which is sufficient to sustain the minimum average family for one year." This is unequivocally wrong.
Nisab is calculated on a possession that remains with on on a zakatable category of wealth after one fulfills all basic living expenses for an entire linar year.
This excludes all existing necessities such s one's residence, vehicle, stored food, clothes and furniture.
So if someone makes a large sum of money and spends it all on basic needs without unnecesary luxury - no Zakat is due at the end of the lunar year.
If, however he or she saved part of that money in that lunar year then zakat is payable on the remaining amount, provided it equals or exceeds nisab.
To confuse nisab with the faulty definition of an average family'a yearly need - an idea accepted by no reconized scholar - is to equate zakat with a government tax.

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Copied From: http://islamicinvestingguide.com/glossary.html
Nisab is the minimum amount of wealth a person must have in order to be responsible for charity payments, or zakah. Nisab generally refers to the amount needed to support one’s family for a year, but modern interpretations vary as to the exact threshold.

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Copied from: http://en.wikipedia.org/wiki/Nisab
In Sharia (Islamic Jurisprudence) (نِصاب) is the zakāt-payable amount, which savings or capital or product must exceed in order for the Muslim owner to be obliged to give zakat. Several hadith have formulas for calculating niṣāb. One of the most well known states that No Zakāt is due on wealth until one year passes. The amount is for gold 20 dinārs, and for silver 200 dirḥams. With todays weights, the zakāt-payable amount the amount above is 90,8 grams gold or 594 g silver.

In general, niṣāb is considered an amount equal to the essential needs of a person or family for one year. In many modern societies, niṣāb is often interpreted to equate a governmentally determined poverty threshold.

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Copied from: http://www.muis.gov.sg/cms/services/zkt.aspx?id=9792
Q1: What is the definition of nisab and haul?
A1: Nisab refers to the lowest amount of asset for which zakat has to bepaid. For gold/savings, the nisab is equivalent to the price of 86 grams of gold. Haul refers to a period of one Hijrah year that the asset has been possessed. Zakat has to be paid on an asset which has been in possession for one Haul and has reached or exceeded the nisab.

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copied from:
http://www.zakat.org/zakat_in_islam/faqs/category/zakat_conditions_and_calculation/
Nisab is the specific minimum amount in each zakatable category of wealth used for the purpose of calculating Zakat. Nisab is calculated on a possession that remains with one on a zakatable category of wealth after one fulfills all basic living expenses for an entire lunar year. This excludes all existing necessities, such as one’s residence, vehicle, stored food, clothes, and furniture. So if someone makes a large sum of money and spends it all on basic needs--without unnecessary luxury--no Zakat is due at the end of the lunar year. If, however, he or she saved part of that money in that lunar year, then Zakat is payable on that remaining amount, provided it equals or exceeds nisab.

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