Zakaat on gold

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: There are different concepts regarding taking out zakat on your gold. Some people say that you have to take it out on the price you will purchase that amount of gold (new gold price), some say that you need to deduct 12 mashaay, some say that on the amount you will sell your gold you have to take zakat on that amount of money. I cannot take my gold every year to the goldsmith to measure and then to take out the zakat due to the reasons of security. Can you please guide me the correct method in the light of Quran and Sunnah. For example if I have 12.947 tola of gold, and the rate of gold is as follows:

24K 10 Grams = Rs 42128

24K Per Tola = Rs 49150

22K 10 Grams = Rs 38617

What would be the amount to be taken out as zakat on the above mentioned gold rates?

Bismillaah

A: Get the carat rating of the jewellery and when the time for paying zakaat comes find out the value of that carat of gold and accordingly calculate your zakaat.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

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