Nisab
The minimum amount of wealth above which zakat becomes due; for money it is set by reference to gold or silver.
The nisab is the minimum threshold of wealth that makes zakat obligatory. IFSB-26 describes zakat as due on wealth exceeding a minimum amount held for one lunar year. For money and trade goods the nisab is classically measured by reference to gold or silver, so its value in currency changes with their prices, and zakat institutions publish the reference they use.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.
Related terms
ZakatAn obligatory annual contribution on qualifying wealth above a minimum threshold, paid to specified categories of recipients.HawlThe full lunar year for which qualifying wealth must be held above the nisab before zakat becomes due on it.Zakat baseThe pool of qualifying wealth on which zakat is calculated, after including zakatable assets and deducting what the method allows.