Zakath on gold
Mu' meneen Brothers and Sisters,
As Salaam Aleikum wa Rahmatullahi wa Barakatuh. (May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked this question:
Assalamu alaikkum, I am a married woman.I have zakatable quantity of gold.I gave zakath for this gold for three consecutive years.Recently i heard that,zakath for gold should be given only once.There is no need to give zakath for the same gold every year (there is no straight sahih hadith for giving zakath for gold every year) and further zakath should be given for newly bought gold only.I am confused now whether i should give zakath for the gold i have.Please clear my doubt in this regard with sahih hadith.
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Answer:
In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is none worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.
Sister the zakah has to be paid on your total equity (capital) every year. That means you have to calculate (add) whatever wealth you have in your possession for one calendar year (this will include value of all real-estate whether rented or lying vacant, all cash in hand, investments in paintings and/or art decor, all jewelry, stock in trade, shares and other assets) and pay 2.5% as zakah. Whoever told you that you have to pay zakah once only on gold and jewelry obviously does not know the Shariah laws properly as then anyone who wants to avoid zakah will keep his excess wealth in gold and not in cash as gold is as good as cash in most circumstances.
What you have done for three years is correct and you should continue. May Allah swt bless your wealth and grant you His barakah.
Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength. Allah Alone Knows Best and He is the Only Source of Strength.
Your brother and well wisher in Islam,
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Wister