Friday, April 19, 2024
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Unpaid zakaah for gold

Fatwaa ID: 1479

Question:
Salam
I have never given zakat on my gold as its always been below the nisab for zakat
However just today I was told that I was supposed to calculate the value of my gold and add it to my savings/cash regardless of whether my gold reaches the nisab for zakat by itself or not and then give the zakat according to the total amount.
As I have only ever given zakat on my cash/money, do I need to calculate all these years and give the zakat on my gold now?

Answer:
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

What you were told recently is correct. All assets are to be added together during zakaah calculation. Each asset is not individually assessed. Accordingly, in the enquired situation, you must backdate your zakaah for the previous years. Make an estimated guess regarding the value of your gold for each of the previous years and pay 2.5% for each year. If necessary or helpful, you may adopt the gold nisaab.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
https://askthemufti.us/

12/26/1444 AH – 07/14/2023 CE | AML3-3519

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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