Gold is one of the most valuable possessions that a person can have. It is also one of the things that we are required to pay zakat on. Zakat is a way of purifying our wealth and ensuring that it is being used in the right way. By paying zakat on gold, we are making sure that our wealth is being used in a way that is pleasing to Allah (SWT).
“And establish prayer and give zakat, and whatever good you put forward for yourselves—you will find it with Allah; surely Allah sees what you do.” Holy Qur’an (2:110).
On how much gold and silver Zakat is applicable?
Nisab is the minimum amount of net capital that a Muslim must possess in order to be eligible to pay Zakat, which is prescribed as the equivalent of 87.48 grams (7.5 tola) of gold and 612.36 grams (52.5 tola) of silver, respectively.
Procedure
Zakat must be paid on 2.5% of the value of the gold that you own.
Zakat is not just a duty on those with wealth given for the love of Allah, but a right that the poor have over us.
Those with sufficient wealth are noted in the Holy Qur’an as for:
“Those in whose wealth there is a recognised right for the needy and the poor” (70:24-25).
