Q: I have a few graded Mandela R5 coins(year 2000 and 2008) that I have acquired. They are legal tender, but because of their demand and rarity, I bought them for a few thousand rands. I purchased them with an investment intention. How do I pay zakaat on them? The coins have no gold or silver in them.
A: If the Mandela coin is exclusively a collector’s item, and it was purchased with the intention of resale, Zakaat will be paid on its current value in the collectors market.
Answered by:
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)