In response to the question, professor `Ali Muhi-Deen Al-Qurrah Daghi, says:
“First, the minimum amount of gold on which Zakah is due is 20 Mithqals. A Mithqal is equal to 4 g. Hence, the Zakah-payable amount of gold is 85 g. of pure gold. Thus, whoever possesses such an amount of gold, i.e., 85 g, has to pay Zakah that amounts to 2.5% of the total value of the gold provided that one lunar year has passed.
Concerning Zakah on women’s jewelry that is worn, it is a controversial issue. The opinion deemed to be the most correct states that Zakah is not levied on jewelry worn by women throughout the year, or most of the year, for the sake of adornment, and if the jewelry worn is not more than usual. However, Zakah is due on the jewelry that is not worn most of the time (i.e. that is kept) and on that which is more than usual.
To know how to pay Zakah on gold, one has to know the market value of gold for sale. One has to pay 2.5% of its value provided that the gold amounts to the aforementioned minimum nisab (prescribed amount).”
Concerning the second question, professor Fu’ad Mekheimar, Al-Azhar University, says that the majority of scholars agree that debt clears the Muslim from the obligation of paying Zakah. Or, rather, it relieves him from part of it, depending on the extent of the debt. This is in the case of Zakah on money and trade supplies. However, some scholars maintain that this does not apply to Zakah on livestock and crops.