What is the exchange rate to be considered for paying Zakat on wealth in hard currency: is it the banks' rate or the parallel market rate? And what is the expiation due for delaying the payment of Zakat past its due date?
Source: FtawySummary from Ftawy's records · added here Sep 2, 2026
The foundational principle for the (minimum threshold for ) of monetary wealth is gold or silver. If the currency reaches the nisab by itself, or when combined with other money or trade goods, and a full lunar year (hawl) has passed, then 2.5% of the same currency should be given to those who are eligible. It is permissible to exchange it for another currency, taking into consideration what is most beneficial for the poor. It is not permissible to delay zakat after it becomes due, except for a compelling excuse. Whoever delays it without an excuse must hasten to pay it and should repent and seek Allah's forgiveness.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
Read the full answer on Ftawyhttps://ftawy.com/en/questions/40043
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- Ftawy
- Original fatwa ID
- 40043
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- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy