Friday, September 22, 2023
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Zakaah on gold

Fatwaa ID: 1652

Question:
Is it necessary to distribute the Zakah for every year? I mean; I purchased 1kg of gold for my savings, should I pay Zakah 2.5% for the first year or should I pay every year for that? (The gold is an example)

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

MaaShaaAllaah! May Allaah Ta’aala place barakah in your wealth.

You must pay zakaah on your gold every year starting from your upcoming zakaah date. This will be the case even if your zakaah date comes soon after your purchase. You do not need to hold every asset for an entire year. When your zakaah date comes, you will add together all the zakaatable assets that you own, including the new gold that you purchased, and pay 2.5% of the total. You will do this every year.

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

02/01/1445 AH – 08/18/2023 CE | AML1-8212

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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