How Can I Pay My Zakat on Gold?
Answered by Ustadh Tabraze Azam
Question: Assalam alaykum,
1. I have 10 Tolas gold and I don’t know how to calculate the amount of zakat I have to pay. Do I have to pay for the whole gold?
2. How can I know the nisab this year?
3. If I have to pay the zakat of last year is it going to be according to the price of gold in that respective year?
Answer: Assalamu alaikum wa rahmatullah,
(1) Firstly, you need to calculate the net value of the zakatable assets in your possession, after deducting any applicable debts. You can find out the value of gold at goldprice.org.
(2) Thereafter, you can use e-nisab.com to determine the zakatable minimum (nisab). If your net assets are greater than the zakatable minimum (nisab), zakat would be obligatory upon this entire amount.
(3) If you need to pay your zakat for previous years, you would use the values for those years.
And Allah Most High alone knows best.
Checked & Approved by Shaykh Faraz Rabbani