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Ramadan-ul-Mubarak
07-30-2012, 06:04 PM
Allah (The Glorified and the Exalted- Subhaanahu wa Ta'ala) commands in the Quran, "Take alms out of their property, you would cleanse them and purify them thereby, and pray for them; surely your prayer is a relief to them; and Allah is Hearing, Knowing." [Al-Quran 9:103]

Narrated Ibn 'Umar: Allah's Apostle said: Islam is based on (the following) five (principles): To testify that none has the right to be worshipped but Allah and Muhammad is Allah's Apostle; to offer the (compulsory congregational) prayers dutifully and perfectly; to pay Zakat (i.e. alms); to perform Hajj. (i.e. Pilgrimage to Mecca), and to observe fast during the month of Ramadan. (Al-Bukhari, Vol.1, Book 2, No.7).

Allah has notified some things on which the Zakat is require to pay if you will not then it will effect you in Judgemnt day and in the world to. So Followings are the list of Things on which zakat is Require


Gold and Silver
Cash
Stocks
Mutual Funds
Stock Options
Business Merchandise Inventory
Private Companies, Corporations and Partnerships
Retirement Plans (401K, IRA, etc.)
Real Estate Investments in Property Owning Companies
Accounts Receivable
Profits from Investments
Trusts
Long-Term Insurance (Life Insurance)
Lump Sum Payments in Terms of Compulsory Pension and Provident Funds
Severance Package
Income Tax
Liabilities which may be deducted
Buried Precious Metals or Minerals (Rikaz)
Livestock, Animals, Cows, Sheep, Camels
Agricultural Produce


Zakat on Gold And Silver:

In This Thread I will Tell you that how much you have to pay Zakat if your having some amount oF Gold And Silver and how much you have to pay according to Islam.

According to Muslim Scholars nisab for gold is 20mithqal(~877.49g), and the nisab for silver is 200 dirhams (~613.35g).

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As every one knows that the prices of siver golds are increasea nd decrease every day in international markets.On June 30, 2010 the price of gold was approximately $40.00/gram and for silver was $0.60/gram, hence the nisab for gold is approximately $3,499.60($40.00 x 87.49 grams) and the nisab for silver was approximately $368.01 ($0.60 x 613.35 grams).
Gold Content value depends upon the gold's purity as well as its height.Gold Purityis measure on scale of 1 to 24 karats(KTS).

4650

Zakat on the gold will be according to the gold content in the jewelry (i.e. karats) and its value in the international market. Hence when calculating the value of your gold, you must consult a jeweler for the correct value (depending on the content and weight). Similarly, any stones in the gold are not Zakat-able when for personal use.

To calculate the value of your gold, based on the karat, this formula can be used:

Zakat Formula On Gold:

To change Tolas to grams:
Nisab = 7.5 (Tolas) x 11.664 = 87.48 grams
87.48 x price of gold per gram = X
X = Nisab of gold in pounds
X divided by 40 = Zakat

Example:
(Prices are correct to date 18-03-11. visit any online gold prices shop for day to day prices)

Price of 24 carat Gold per gram = £28.08p
7.5 (Tola) x 11.664 = 87.48
87.48 x 28.08 = 2456.43

Nisaab of gold = £2456.43
2456.43 divided by 40 = £61.41p