IslamQA.org Logo

Is Zakat Due on a Gold Loan?

Answered according to Hanafi Fiqh by Seekersguidance.org

Answered by Ustadh Salman Younas

Question: I would like to ask that I have taken a gold loan and at present the gold is in the bank. Kindly tell me if I have to pay zakat on this? If yes, how to calculate it?

Answer: assalamu `alaykum

Yes, you would have to pay Zakat on such gold.

You will need to calculate the total market value of the gold and any other zakatable assets you have and pay 2.5 percent of that. You can find how to calculate your Zakat in more detail in the following answer:

Zakat: How to Calculate & Whom to Give

Salman


This answer was collected from Seekersguidance.org. It’s an online learning platform overseen by Sheikh Faraz Rabbani. All courses are free. They also have in-person classes in Canada.

Find more answers indexed from: Seekersguidance.org
Read more answers with similar topics:
Search
Related QA

Pin It on Pinterest