How is the zakat of hoarded gold jewelry (for accumulation) paid according to the Shafi'i school of thought, and is its nisab assessed and its zakat paid by weight or by value?
is obligatory on saved gold if it reaches the and a hawl (one lunar year) has passed on it. The nisab for gold is 85 grams of pure gold (24-karat). If the saved gold does not reach the nisab, then no zakat is due on it.
If the saved gold does not reach the nisab, but the owner possesses other saved money, and the total value of the gold and money reaches the nisab, then zakat becomes obligatory on the entire amount after one Hijri year has passed since the combined total of the two assets reached the nisab.
The amount of zakat due is one-quarter of one-tenth (2.5%) of the value of the saved gold and money. It is calculated by adding the value of the gold and the monetary savings, then dividing the total by forty.
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