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Value of gold when calculating zakaah

Fatwaa ID: 615

Question:
Salam. For jakat purposes. Question: the price of the jewelry should the measured by selling cost or buying cost? JazakAllah

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

When assessing one’s gold or silver for zakaah calculation, the scrap value of that metal on the zakaah date will be considered. The scrap value is neither the selling price nor the buying price. The scrap value does not take into consideration the value of the design.

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

07/26/1444 AH – 02/17/2023 CE | AMG1-2809

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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