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:

Assalaamu Alaikum wa rahmathullaahi wa barakathuhu

my question is concerning zakat. if we have a particular amount of gold as an asset, wat is the percentage of the amount that should go as zakat.. and should we be paying it every year? does the same principle apply to all owned assets?

Awaiting a quick response Insha ALLAH

JazakallaahKhair 

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Answer:

Zakah on gold

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.

If the total nett worth of any believer(man, woman or child) is more than the prescribed ‘nisaab’ of 7.5 tolas of gold (app. 85 grams or app. Value US$1,000.00), then the person is liable to pay the obligatory annual zakah of 2.5% on their excess wealth which has been in their possession for a full calendar year. If your total nett worth is less than the prescribed ‘nisaab’, then one do not have to pay any ‘zakaah’ on your wealth. In principle, zakah is to be paid every year on the excess wealth of every believer after it has been in their possession for a period of one calendar year.

Your Question: if we have a particular amount of gold as an asset, wat is the percentage of the amount that should go as zakat..

Every person who has assets worth more than the prescribed ‘nisaab’ in Shariah is liable to pay their obligatory ‘zakah’ annually on their nett excess wealth at the rate of 2.5%.

Your Question: and should we be paying it every year?

Yes, ‘zakah’ at the rate of 2.5% of one’s excess wealth is due every calendar year.

Your Question: does the same principle apply to all owned assets?
The exact same rate of 2.5% applies to ‘almost’ all owned assets in Shariah Law; there are a few exceptions and slight variations in the percentage of ‘zakah’ dues on the produce of farmland and animals…but by and large, for the absolute majority of assets, the rate of the ‘zakah’ in Shariah stands at 2.5% of the value of the excess wealth.

Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.

Your brother and well wisher in Islam,

Burhan