07.44
Muhsinah
Definition of legal tender:
The phrase 'legal tender' implies all currencies whether banknote or coins, no matter whether they belong to the country of the payer of Zakah or not.
Obligation of Zakah upon legal tender:
Zakah upon legal tender is supported by proofs from the Holy Qur'an, the Sunnah and the unanimous agreement of Jurists. The Holy Qur'an says, "And there are those who bury gold and silver and spend it not in the Way of Allah: announce unto them a most grievous penalty. On the Day when heat will be produced out of that (wealth) in the fire of Hell, and with it will be branded their foreheads, their flanks, and their backs, this is the (treasure) which ye buried for yourselves: taste ye, then, the (treasures) ye buried!" (Surah Al-Taubah No.9, Verse: 34-35).
As for the Sunnah, the Prophet said, "What you keep for yourself after paying the Zakah due upon it is not a hoard." The Prophet also said, "Owner of gold or silver who does not pay the poor due (Zakah) will have bitter punishment on the Day of Resurrection. Plates of fire would be beaten out for him; these would then be heated in the fire of Hell and his sides, forehead and back would be cauterized with them".
Throughout ages all Muslims unanimously agreed that Zakah is due on silver and gold, and thus the rule extended to all other types of currency by way of analogy. According to the statement No.9 issued in the third session of the Islamic Jurisprudence Academy in Jeddah: All paper currencies are considered potential money that has the purchasing power and receive all the legal rules applicable to gold and silver as regards profit-taking, Zakah, payment in advance and other rules.
The Nisab of legal tender
Zakah becomes due once the property of a certain person reaches the minimum amount defined by Islamic law as liable to paying Zakah.
The minimum amount of gold or gold currency counted for Zakah is 20 mithqals (4.25 grams of fine gold).
The minimum amount of silver or silver currency counted for Zakah is 200 dirhams (595 grams). A silver dirham is equal to 2.975 grams.
The statement issued by the Islamic Research Academy, in its 2nd conference, stipulated that estimating the Nisab liable to Zakah on banknote, coins and commercial commodities should be based on their corresponding minimum amount of gold, since the value of gold is more stable than any other kind of property.
To determine the value of gold as opposed to the currency in use, one should consult an expert.
Some researchers claim that choosing gold as a criteria for determining the value of currency is attributed to its being assumed as a cover fund, even partially, to support the banknote issued by any given country. Besides its being the basis on which the value of banknote is determined, gold itself is considered an international currency and a standard criterion to measure the value of all currencies in the world. However, it is established that the value of gold may vary in accordance with the change of time or markets.
According to the Hanafi Juristic School, the value of gold may be added to the value of silver so as to complete the minimum amount counted for Zakah. If still beyond the minimum amount, the value of commercial commodities may also be added. The Nisab liable to Zakah on cash, banknote and coins is to be determined according to its corresponding value of gold (85 grams of fine gold), based on the current rates of the country in which the payer of Zakah is resident.
In case the gold is not fully pure, Zakah is to be paid on the net weight of gold after leaving out the weight of other substances.
On the 18 carat gold, for example, Zakah is to be paid after leaving out one-fourth of the total weight, representing 6 carats out of 24 carats.
On the 21 carat gold, Zakah is to be paid after leaving out one-eighth of the total weight, representing 3 carats out of 24 carats.
The same applies to the silver that is not fully pure.
Requisites of Zakah on gold, silver and currencies:
They are the same as those stipulated to pay Zakah, which have been explained earlier. (See: Requisites of paying Zakah)
The amount of Zakah payable on silver, gold and currencies:
The mount payable is a quarter of a tithe (2.5%).
How to calculate in cash the amount of Zakah on gold and silver
One who prefers to pay Zakah on gold and silver in cash may multiply the amount counted for Zakah by the rate of grams. This will give the amount of Zakah in cash. For example, in case the amount of gold liable to Zakah is 25 grams and a gram value is 4 dinars, we may reach the amount of Zakah payable in cash by making use of the following equation: The amount of Zakah = 25 grams (of gold) x 4 dinars (the rate of gram) = 100 dinars.
The phrase 'legal tender' implies all currencies whether banknote or coins, no matter whether they belong to the country of the payer of Zakah or not.
Obligation of Zakah upon legal tender:
Zakah upon legal tender is supported by proofs from the Holy Qur'an, the Sunnah and the unanimous agreement of Jurists. The Holy Qur'an says, "And there are those who bury gold and silver and spend it not in the Way of Allah: announce unto them a most grievous penalty. On the Day when heat will be produced out of that (wealth) in the fire of Hell, and with it will be branded their foreheads, their flanks, and their backs, this is the (treasure) which ye buried for yourselves: taste ye, then, the (treasures) ye buried!" (Surah Al-Taubah No.9, Verse: 34-35).
As for the Sunnah, the Prophet said, "What you keep for yourself after paying the Zakah due upon it is not a hoard." The Prophet also said, "Owner of gold or silver who does not pay the poor due (Zakah) will have bitter punishment on the Day of Resurrection. Plates of fire would be beaten out for him; these would then be heated in the fire of Hell and his sides, forehead and back would be cauterized with them".
Throughout ages all Muslims unanimously agreed that Zakah is due on silver and gold, and thus the rule extended to all other types of currency by way of analogy. According to the statement No.9 issued in the third session of the Islamic Jurisprudence Academy in Jeddah: All paper currencies are considered potential money that has the purchasing power and receive all the legal rules applicable to gold and silver as regards profit-taking, Zakah, payment in advance and other rules.
The Nisab of legal tender
Zakah becomes due once the property of a certain person reaches the minimum amount defined by Islamic law as liable to paying Zakah.
The minimum amount of gold or gold currency counted for Zakah is 20 mithqals (4.25 grams of fine gold).
The minimum amount of silver or silver currency counted for Zakah is 200 dirhams (595 grams). A silver dirham is equal to 2.975 grams.
The statement issued by the Islamic Research Academy, in its 2nd conference, stipulated that estimating the Nisab liable to Zakah on banknote, coins and commercial commodities should be based on their corresponding minimum amount of gold, since the value of gold is more stable than any other kind of property.
To determine the value of gold as opposed to the currency in use, one should consult an expert.
Some researchers claim that choosing gold as a criteria for determining the value of currency is attributed to its being assumed as a cover fund, even partially, to support the banknote issued by any given country. Besides its being the basis on which the value of banknote is determined, gold itself is considered an international currency and a standard criterion to measure the value of all currencies in the world. However, it is established that the value of gold may vary in accordance with the change of time or markets.
According to the Hanafi Juristic School, the value of gold may be added to the value of silver so as to complete the minimum amount counted for Zakah. If still beyond the minimum amount, the value of commercial commodities may also be added. The Nisab liable to Zakah on cash, banknote and coins is to be determined according to its corresponding value of gold (85 grams of fine gold), based on the current rates of the country in which the payer of Zakah is resident.
In case the gold is not fully pure, Zakah is to be paid on the net weight of gold after leaving out the weight of other substances.
On the 18 carat gold, for example, Zakah is to be paid after leaving out one-fourth of the total weight, representing 6 carats out of 24 carats.
On the 21 carat gold, Zakah is to be paid after leaving out one-eighth of the total weight, representing 3 carats out of 24 carats.
The same applies to the silver that is not fully pure.
Requisites of Zakah on gold, silver and currencies:
They are the same as those stipulated to pay Zakah, which have been explained earlier. (See: Requisites of paying Zakah)
The amount of Zakah payable on silver, gold and currencies:
The mount payable is a quarter of a tithe (2.5%).
How to calculate in cash the amount of Zakah on gold and silver
One who prefers to pay Zakah on gold and silver in cash may multiply the amount counted for Zakah by the rate of grams. This will give the amount of Zakah in cash. For example, in case the amount of gold liable to Zakah is 25 grams and a gram value is 4 dinars, we may reach the amount of Zakah payable in cash by making use of the following equation: The amount of Zakah = 25 grams (of gold) x 4 dinars (the rate of gram) = 100 dinars.
Posted in: Resources Of Zakat
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