Zakat
Zakat is one of the five pillars of Islam imposed by God Almighty on every Muslim man, has been mentioned in many verses of the Koran. Therefore, the Zakat must be performed in the event of the fulfillment of the conditions it requires: financial freedom; that is to say, the Muslim is the owner of the money in full, and the personal freedom, that is to say, the Muslim is not owned by another person; without spending it.
How to pay zakaah on gold
Gold is one of the precious metals possessed by man; Islam has enjoined zakat on it in the texts of the Holy Quran and the Sunnah. The Almighty said in his holy book: (Those who stockpile gold and silver and spend it for Allah) [Repentance: 34]. The zakaah on gold is obligatory in its various forms, such as the special golden jewelery for saving or in order to keep money and sell it when needed, or leasing for money.
There are several conditions that must be met for zakaah on gold, as it is about a full possession of it, and it should be attained by a minimum of 85 grams, and zakaah should not be paid on gold other than these conditions.
How to calculate zakaah on gold
The amount of zakat in gold is one-quarter of a tenth, or 2.5% of the value of gold. It is estimated that the price of selling gold on the day of the passage of a full-time possession and zakat is due. For example, in the event that a person holds on this day the quorum of the gold standard of 21 caliber and the passage of the whole should consider the following points:
- The gold standard is 85 grams.
- The sale price of one gram of gold 21 caliber in the Jordanian market is 24 Jordanian dinars.
- Zakat gold is 2.5% of the quorum.
- The gold zakat is equal to 85 x (2.5%).
- The gold zakah due to the total amount is 2.125 g.
- The gold zakah due in cash is 2.125 x 24.
- The zakaah on gold is equal to 51 Jordanian Dinars.
It is necessary to observe a fixed day in each year to give the zakat imposed on gold and to avoid delaying the deadline to avoid changing the price of selling gold in the world market for the person who leads the zakat.