Is zakat obligatory on the gold coins known as "George" owned by the husband's mother, and what is the method for its disbursement? Is it permissible to disburse it along with the zakat on jewelry, or must it be valued in the market? How is its zakat calculated for past years if the method used was incorrect?
If gold coins are not used as jewelry but are kept for hoarding, their becomes obligatory if they reach the (minimum threshold) or by combining them with gold jewelry. One-quarter of one-tenth (2.5%) of the gold itself or its value is to be given as zakat upon the completion of a hawl (lunar year).
If they are hoarded for trade, their zakat becomes obligatory based on their value at the completion of each hawl.
The commercial gold must be valued when zakat is disbursed, whereas for hoarded gold, its zakat is directly taken from the gold itself.
If its zakat was previously paid according to the legitimate method, then nothing is due. Otherwise, she must compensate for what she fell short on.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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