{"_id":"668da0500b76658b4c2333e8","title":"How does one pay Zakat on gold they purchased and gold they use/wear?","question":"I have a question regarding Zakat. When it comes to gold, how do you pay Zakat on the amount you own?\n\nSay I own 1 ounce that I purchased for $2000 assuming that I have the amount that is equal to the required amount someone would need to pay Zakat on, and now it’s worth $2200. \n\nDo I pay Zakat on the purchased amount or the amount it is currently at? And I heard they used to pay from the gold they owned but how is it done now? \n\nCan I just take that amount from my bank account for example and pay Zakat?\n\n\nTo add to this question: Is there a difference when it comes to gold worn? And would it have to have been worn in that year to not pay Zakat on?","answer":"{\"ops\":[{\"insert\":\"The minimum threshold (nisab) for gold is set at 85 grams of pure gold (24k). If you possess 85 grams or more of gold, or if you own less but possess cash that, when combined with your gold holdings, equals or exceeds the current market value of 85 grams of gold, then you are required to pay 2.5% of that combined value as zakat. \\n\\n\"},{\"attributes\":{\"underline\":true,\"bold\":true},\"insert\":\"Nisab Calculation for Pure Gold:\"},{\"insert\":\"\\nTo figure out the nisab, you can determine the current price of gold per gram and multiply it by 85. \\n\\nFor instance: assuming the current gold price is $71 per gram, the nisab would be $71 x 85 = $6,035. If your assets meet or exceed this value, whether in gold alone or in a combination of gold and cash, zakat becomes obligatory, amounting to $151 (calculated as 6,035 × 0.025 = 150.875). \\n\"},{\"attributes\":{\"italic\":true},\"insert\":\"This calculation assumes that the gold you possess is of pure quality. \"},{\"insert\":\"\\n\\n\"},{\"attributes\":{\"underline\":true,\"bold\":true},\"insert\":\"Nisab Calculation if not Pure Gold:\"},{\"insert\":\"\\nIf the gold is not of pure quality, you must calculate the pure gold content using a straightforward formula: \\nPure Gold Content = Weight of gold (in grams) × (Purity karat / 24) \\nFor example, with 85 grams of 22 karat gold: Pure Gold Content = 85 grams × (22/24) = 78.002 grams \\n\\nFinally, yes you can pay the amount of zakat in cash. I would also recommend using a zakat calculator to help figure out the amount of zakat due: \"},{\"attributes\":{\"link\":\"https://seekersguidance.org/zakatcalculator/ \"},\"insert\":\"https://seekersguidance.org/zakatcalculator/ \"},{\"insert\":\"\\n\\n\"},{\"attributes\":{\"underline\":true,\"bold\":true},\"insert\":\"Differences in Opinion:\"},{\"insert\":\"\\nThere are two opinions on womens’ jewelry that is used, even if not worn throughout the year, as long as it’s kept for use. Three of the four schools of fiqh say zakat is \"},{\"attributes\":{\"italic\":true},\"insert\":\"not \"},{\"insert\":\"wajib, if the condition above is there and if the jewelry is not considered excessive according to the custom of her people. The Hanafis, however, say that zakat i\"},{\"attributes\":{\"italic\":true},\"insert\":\"s wajib \"},{\"insert\":\"on it regardless. They all have their evidence for their opinions and all are valid.\\n\"}]}","tags":[{"_id":"668d9ff50b76658b4c232a40","tag":"Zakat: Al-Mal","count":57},{"_id":"668d9ff50b76658b4c232a3b","tag":"Jewelry","count":17},{"_id":"668da0220b76658b4c232f06","tag":"Gold","count":7}],"createdOn":"2024-07-09T20:40:48.665Z"}