Zakah on old or new currencies
Machine translationRead the Arabic original
Fatwa number ( 20997 )
Q: I am an enthusiast of collecting currencies, both old and new. Is zakah due on these currencies that I have collected or not? Please note that my collecting is not for trade, but as a hobby. I hope you will kindly provide an answer.
A: Currencies that have not been abolished from circulation, meaning they are still used as money, are subject to zakah if they reach the nisab (minimum threshold) in themselves or when combined with other currency or trade goods, and a lunar year has passed over all of them, by paying out one-quarter of a tenth. As for currencies that have been abolished from circulation, if they are made of gold or silver and reach the nisab and a lunar year has passed over them, then zakah is due on them as gold or silver. If they are made of something other than gold and silver, there is no zakah on them unless they are prepared for sale and their value reaches the nisab, in which case they are subject to zakah as trade goods. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I am an enthusiast of collecting currencies, both old and new. Is zakah due on these currencies that I have collected or not? Please note that my collecting is not for trade, but as a hobby. I hope you will kindly provide an answer.
A: Currencies that have not been abolished from circulation, meaning they are still used as money, are subject to zakah if they reach the nisab (minimum threshold) in themselves or when combined with other currency or trade goods, and a lunar year has passed over all of them, by paying out one-quarter of a tenth. As for currencies that have been abolished from circulation, if they are made of gold or silver and reach the nisab and a lunar year has passed over them, then zakah is due on them as gold or silver. If they are made of something other than gold and silver, there is no zakah on them unless they are prepared for sale and their value reaches the nisab, in which case they are subject to zakah as trade goods. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.