How to calculate gold zakat needs to be considered carefully. The reason is that the price of gold varies every year. There are times when the price of gold decreases, but the recent trend is rising. Therefore, the calculation of gold zakat this year may be different from the previous year. Here are the gold zakat nisab, conditions, and how to calculate it.
Obligation to Pay Zakat on Gold
Zakat on gold is a zakat paid on the ownership of gold by a Muslim. We must pay this zakat if it has reached the haul and nisab limits. The obligation to pay gold zakat is based on the following verse:
“… And those who store up gold and silver and do not spend it in the cause of Allah, then let them know (that they will receive) a painful punishment.” (QS. at-Taubah [9]: 34)
In this verse it is clear that zakat on gold is obligatory for a Muslim, because Allah SWT clearly states that those who do not spend their wealth, namely gold and silver that they have, then they will get a painful punishment from Allah SWT.
The Messenger of Allah (SAW) in his hadith also explained the obligation to pay zakat on gold and silver owned by a Muslim, namely in the hadith narrated by Abu Hurairah, the Messenger of Allah (SAW) said,
“Whoever owns gold or silver but does not pay zakat on it, on the Day of Resurrection, a plate will be gilded for him from the fire of hell, then heated in the fire of hell Jahannam, then ironed his forehead, ribs and back with the plate. Every time it cools, it will be gilded again and ironed for him on a day equal to fifty thousand years. Then he will see the place to which he will return, whether to Paradise or to Hell” (HR Muslim).
Read also: Types of Wealth that Must Be Issued Zakat
Nisab and How to Calculate Gold Zakat
To know how to calculate gold zakat, we need to know how much the nisab is first. Because this nisab is the limit and determines whether we are obliged to pay gold zakat or not.
In a hadith, the Prophet once explained the limit of ownership of gold and silver that is required to pay zakat, the following is the text of the hadith:
“If you own two hundred dirhams, and one year has passed, then you are obliged to pay zakaah on five dirhams. You do not have to pay zakaah on gold until you have twenty dinars, and one year has passed, then zakaah is due on half a dinar. But if it is more than twenty dinars, then calculate it based on the excess, and there is no obligation to pay zakaah on wealth until one year has passed.” (HR. Abû Dâud and Baihaqi).
In this Hadīth, the number of dinars for which zakat is due is 20 dinars. The value of 20 dinars is equivalent to 85 grams of gold, meaning that if we have 85 grams of gold that we have kept for one year, then we are obliged to pay zakat of 2.5%.
The formula for calculating gold zakat, namely:
Zakat on Gold = 2.5% x Amount of gold stored for one year
Read also: Zakat Fitrah 2024, Calculation and Complete Guide
Conditions for Paying Zakat on Gold
Now that we understand the obligation to pay gold zakat and its nisab, in order to be able to do it properly, we need to know the conditions. Here are some of the conditions of gold zakat:
- Fully owned and halal, meaning that the gold is owned and not mixed with other people’s property, and the gold is obtained from halal means (such as buying it with your own money not from stealing / taking other people’s property).
- It has reached its haul, meaning that we have kept the gold for one year or more.
- Reaching the nisab, meaning that the gold we have has reached the limit of its value / amount during this one year. The limit/nisab is 85 grams of gold. If the gold we have has reached that limit, then it is obligatory for us to zakaah it. So that our wealth becomes clean and gets blessings from Allah SWT. and kept away from painful punishment.
Read also: Dompet Dhuafa Invites to Increase the Benefits of Zakat in Ramadan
Example of How to Calculate Zakat on Gold
To understand how to calculate gold zakat more clearly, here is an example:
Rahmat is a young man who likes to buy precious metals, namely gold, from part of the salary he earns. The gold he buys is not in large quantities but in small amounts such as 1 gram, 2 grams, 3 grams. However, sometimes Rahmat will buy gold in large quantities when he gets a bonus from his job. During one year Rahmat bought gold, finally accumulated as much as 94 grams coinciding with the month of Ramadan.
After Rahmat found out about the nisab of gold zakat, he finally knew that he was obliged to pay zakat. The gold that Rahmat has has reached the nisab and has been collected for one year. However, because he was confused about paying it in gold, he planned to pay his zakat in money. What is the amount of zakat that Rahmat is obliged to pay? Here is how to calculate the zakaah on Rahmat’s gold.
Find out: Gold owned 94 grams, Nisab 85 grams, Zakat rate 2.5%
Gold price in rupiah today IDR 1,279,000
94 x 1.279.000 = 120.226.000
Zakat on Gold = 2.5% x 120,226,000
= 3,005,650 rounded to 3,006,000
From the above calculation, it is obtained that the amount of zakat that Rahmat must pay is Rp 3,006,000.
This way Rahmat can pay his zakat easily in the form of money. Next, how to pay zakat, and where should Rahmat distribute it, so that his intention to clean his wealth and himself can be carried out properly?
Read also: Ramadan Brings Us Closer: The Blessings of Zakat and Its Extensive Benefits
Channel Gold Zakat at Dompet Dhuafa
Maybe the Sahabat readers here are people like Rahmat. Have gold assets, but find it difficult to calculate and distribute the zakat. You don’t need to worry, at Dompet Dhuafa there is a zakat calculator that is ready to help calculate the amount of zakat that you must pay. In addition, community development programs in the fields of religion, social, education, economy, and culture always have a good impact, especially for the poor. Sow blessings through gold zakat, channel it at Dompet Dhuafa through the following link.
