Fatwa by: Shaykh Ibn Jibreen (حفظه الله)
Question:
A woman possesses gold that has reached the Zakat threshold (Nisab). How much Zakat should she pay in Saudi currency?
Answer:
The woman should annually check the current market value of gold from gold traders or other reliable sources, specifically the price of one carat at that time. Once she knows the value of one carat in Saudi Riyals, she should calculate and pay Zakat based on the current value of the gold she possesses. There is no need to determine the original purchase price of the gold; rather, Zakat is based on its current equivalent value at the time Zakat becomes due.
And Allah knows best.
Question:
A woman possesses gold that has reached the Zakat threshold (Nisab). How much Zakat should she pay in Saudi currency?
Answer:
The woman should annually check the current market value of gold from gold traders or other reliable sources, specifically the price of one carat at that time. Once she knows the value of one carat in Saudi Riyals, she should calculate and pay Zakat based on the current value of the gold she possesses. There is no need to determine the original purchase price of the gold; rather, Zakat is based on its current equivalent value at the time Zakat becomes due.
And Allah knows best.