I own gold worth approximately one thousand dinars, and I buy and sell with it. Is zakah due on it?
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Question: I own gold worth approximately one thousand dinars, and I buy and sell with it. Is zakah due on it? What is the amount? Do I pay it in gold of the same kind, or in cash?
Answer: If a Muslim possesses the nisab of gold or more, and the nisab of gold is twenty mithqals, which equals eleven and a half Saudi pounds, then if a Muslim possesses this amount or more, zakah is obligatory on it by paying out one-quarter of one-tenth. This may be paid out from the gold itself or in exchange for other currency, by paying out the equivalent value in other currency. And Allah knows best.
Answer: If a Muslim possesses the nisab of gold or more, and the nisab of gold is twenty mithqals, which equals eleven and a half Saudi pounds, then if a Muslim possesses this amount or more, zakah is obligatory on it by paying out one-quarter of one-tenth. This may be paid out from the gold itself or in exchange for other currency, by paying out the equivalent value in other currency. And Allah knows best.