Just to clarify, regarding Zakat nisab, it shows $7742.77, but when I calculate 87.479 g x $70.80 it does not match. With scrap metal calculator, it shows $7290.72.
Bismillahi Ta’ala
Walaikum Assalam Warahmatullah
On our Indices card we mention a (*) notation which says that you should use the value of 24 Kt Scrap Metal Gold for the valuation of *your personally possessed gold. This is the gold which you have in your possession which wish to give out zakat on.
This is different to the calculation of Nisaab value which will be calculated using the spot rate.
This clarification was previously given in 2022. Allow me to reproduce that here :
Recently we have shared the indices for Zakat as well as Mahar Nisab. In the value of Zakat Nisab which is required to compare with Nett Zakatable Assets to see if one is “rich” or “poor” there has been a change of valuation after due discussion with my teacher Mufti Husain Kadodia Saheb. I will be posting the updated values.
Those who have been following my opinion of using Silver Nisaab would not be majorly affected. But the issue is important nonetheless. Please take note of this retraction. I have also made a video explaining this change at:
Wallahu A’lam
And Allah Ta’āla Knows Best
Mufti Faisal al-Mahmudi