What is Zakah on gold and silver

Zakah of gold and silver

What is Zakah on gold and silverQ: Upon what amount of silver is Zakah Fard?

A: When one owns 200 Dirham of silver and a year has passed in possession of it, then Zakah must be paid. He will pay a fortieth of his wealth, which amounts to 5 Dirham out of every 200.

~ al-Quduri ~

 Q: lf he owns more than 200 Dirham, how does he pay the extra amount?

A: According to Imaam Abu Hanifa RAH. There is no extra Zakah until the extra amount reaches 40 Dirham. He will then pay another Dirham on the 40 in addition to the 5 and then again another Dirham for each additional 40 Dirham he might own. According to Imaam Abu Yusuf RAH. and Imaam Muhammed RAH, he will pay in proportion to whatever exceeds 200, however little or much it may be.

~ al-Quduri ~

Q: Is there Zakah upon gold and silver ornaments or vessels?

A: All gold and silver are Zakatable, whether in nugget form, ornament or vessel and whether it is used or not.

~ al-Quduri ~

Q: What is the ruling on gold or silver which is debased with other metal?

A: lf the overwhelming composition is silver then it is regarded as silver. lf the overwhelming proportion is alloy then it is treated as a gold. The same applies to gold.

~ al-Quduri ~

Q: A man neither has gold nor silver, but government recognised bank notes. Is there Zakah payable?

A: Yes, if the notes reach the value of either Nisab of gold or silver. it is like goods of value. Everything is bought with it and it is used in trade. The government is obliged to imburse one who brings these notes to the bank.

~ al-Quduri ~

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