Zakah on gold

Question:

As-salamu alaykum

I have a question regarding zakah on gold. For how many grams of gold zakah is payable and how many grams of it?

Thank you for your time answering our question.

Answer:

Wa `alaykum As-Salamu wa Rahmatullahi wa Barakatuh.

In the Name of Allah, Most Gracious, Most Merciful.

All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.

Thank you for your question.

The Zakah-payable amount (nisab) (prescribed amount) of gold is 85 g. of pure gold. Thus, whoever possesses such an amount of gold, i.e., 85 g, has to pay Zakah that amounts to 2.5% of the total value of the gold provided that one lunar year has passed.

To know how to pay Zakah on gold, one has to know the market value of gold for sale. One has to pay 2.5% of its value provided that the gold amounts to the aforementioned minimum nisab.

As for women's jewelry, some scholars say that it is zakatable as long as it reaches the nisab and a lunar year passes. However, some scholars say that a woman may not pay Zakah for her jewelry if she wears them for adornment and she owns what her peers own. So, if she keeps them—for investment or saving—or she has more than what her peers have, then she should pay Zakah on her jewelry.

Allah Almighty knows best.


Source: Islamonline.net