Is there Zakah due on gold store


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Q 2: I own a gold store. By the end of every year, I make an itemized list of the objects in it. It includes golden currencies, broken gold, and new gold. How should I calculate the value of Zakah (obligatory charity)? A: All the gold you possess in the store, including the new, the old and the broken gold, should be estimated and the cash you have should be added to the value, then Zakah should be paid upon the whole sum, if it reaches (Part No. 8; Page No. 79


A: All the gold you possess in the store, including the new, the old and the broken gold, should be estimated and the cash you have should be added to the value, then Zakah should be paid upon the whole sum, if it reaches (Part No. 8; Page No. 79) the Nisab (the minimum amount on which Zakah is due) and a full Hawl (one lunar year calculated from the time a property reaches the minimum amount upon which Zakah is due) passes. The amount of Zakah is 2.5% of the value. This is equally applied to the gold and what stands for it such as the banknotes and the circulated paper currencies.May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.




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