The Brunei Islamic Religious Council (MUIB) in its notification letter has determined the nisab rate of zakat property (savings).
For a 21 carat gold, each gramme is equivalent to BND95.97 while the nisab zakat rate is BND95.97 x 85 grammes, which equals to BND8,157.45. The zakat payment is 2.5 per cent or 1/40 in which in monetary terms equals to BND203.94. The nisab zakat rate will start on 2nd of Syaaban 1446 Hijrah equivalent to February 1.
Since the value of gold can change from time to time due to fluctuations in the price of gold in the market, matters regarding changes in the nisab zakat rate of this property will vary from time to time.
Zakat property must be issued once a year according to the Islamic year by every Muslim who meet the conditions of the Syariah Law. – Fadhil Yunus
