Algeria sets Zakat threshold for 1447 AH at 2.295 million dinars
BY Dr. Hana Saada
ALGIERS, June 18 — Algerian Ministry of Religious Affairs and Endowments announced on Thursday that the Zakat threshold (nisab) for the 1447 Hijri year has been set at 2.295 million Algerian dinars, based on the value of 85 grams of gold.
The announcement was made in a statement issued on the occasion of the start of the 1448 Hijri year.
According to the ministry, the threshold corresponds to the value of 20 gold dinars, equivalent to 85 grams of gold, which represents the minimum amount of wealth required for Zakat to become obligatory under Islamic law.
The calculation was based on the price of 18-carat gold established at 27,000 dinars per gram by Agénor at the beginning of the Hijri year. The ministry said the nisab was determined using the formula of 85 grams multiplied by 27,000 dinars per gram.
Under the ministry’s guidance, individuals whose wealth reaches or exceeds the threshold and remains in their possession for one full lunar year are required to pay one-quarter of one-tenth, equivalent to 2.5%, on eligible assets.
The obligation applies to cash holdings, commercial inventory and other trade goods, which should be assessed according to their market value at the time of payment.
The ministry also said that contributors may pay their Zakat through the provincial postal accounts managed by the National Office of Awqaf and Zakat or via Zakat collection boxes available at mosques across the country.
Funds collected through these channels are distributed to eligible beneficiaries in accordance with the categories specified in the Quran, the statement added.
— 𝐄𝐍𝐃 —
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