Dr. Monzer Kahf, a prominent economist and counselor, states: “If one has gold currency and decide to keep them for themselves, you have to estimate their prices and add them to your other assets that are subject to Zakah (mainly cash, bank accounts, investments in stocks and similar debts on others). The moment you have an amount of nisab (approximately US $1,000)—if you did not already have it—you begin counting a lunar year (= 354 days). On the last day of this lunar year you are required to pay Zakah at the rate of 2.5% of the total you then have at the market prices on that day.
Zakah on Gold Currencies
Did you like this content?
Recommended
Helping People: A Sign of Allah’s Favor
A Pledge with Allah Should Be Esteemed
Abandoning wife’s bed, allowed or not?
Can We Feel Joy While Oppressed Muslims Are Suffering?
Proofs of Muhammad’s Prophethood
A welcome message to new Muslims
Making up for Years of Missed Prayer
Vaginal Discharges and Prayer
Qualities to Look for in a Spouse
Religious Human Rights & the Qur’an
Top Reading