Zakat Nisaab: Gold OR Silver?

Asslamo Allaikum,

In the Islamic Shariah, if a person possesses 612.35 grams (19.6875 troy ounces) of silver or 87.479 grams (2.8125 troy ounces ) of gold or any currency that equals the value of this amount of gold or silver, and this wealth remains in his possession for a complete Lunar year then it will be Waajib to pay Zakah on it.

http://www.central-mosque.com/fiqh/Zakat.htm

http://www.askimam.org/fatwa/fatwa.php?askid=66b8477fdf4f5221dc64abe1a360c0eb

According to today's Market prices the calculations of Nisaab are as follows:

http://www.goldprice.org/

Gold:

1 ounce = 28.3495 grams

US Dollars: 1207.83/oz which means $42.6940/Gram which makes the Nisaab $ 3734.8284

British Pounds: 795.96/oz which means £28.0766/Gram which makes the Nisaab £2456.1128

Euros: 960.62/oz which means E33.884/Gram which makes the Nisaab E2964.1384

Silver:

1 ounce = 28.3495 grams

US Dollars: 17.79/oz which means $0.6275/Gram which makes the Nisaab $384.2496

British Pounds: 11.73/oz which means £0.4137/Gram which makes the Nisaab £253.3291

Euros: 17.80/oz which means E0.6278/Gram which makes the Nisaab E384.4333

Question: Which such a massive difference i.e. for British Muslims £2456.1128 (Gold) vs  £253.3291 (Silver) which should be taken into consideration for:

a) Giving Zakat?

b) Receiving Zakat?

Jazakullah Khairun

Answer:

Respected Brother,

Asslamo Allaikum,

Question also posted to Mufti Ismail Moosa (South Africa).

Jazakullah Khairun

Asslamo Allaikum,

Mufti Ismail Moosa has replied and I have added his answer to the original post.

Jazakullah Khairun