Asalamaoalakum. I have some money and i want to buy gold biscuit for my 3 daughters .my eldest is 11 years.just for their future so the money is there in the form of gold when they need it.or in case of emergency.do we need to pay zakat for that gold?like the way we pay for the gold jewellery we have?
Answer
Wa’alaykum as Salām wa rahmatullāhi wa barakātuhu,
Gold is an asset in which its owner is liable to pay Zakāh upon it, provided that one qualifies as a payer of Zakāh.
A person who has not yet reached the age of maturity is not liable to pay Zakāh.
If the gold is owned by yourself or any of your daughters who have reached maturity then the respective owner will be liable to pay Zakāh on that.
And Allaah Ta’aala knows best
Wassalaam,
Ismail Moosa (Mufti)