Zakaat On Kruger Coins
Question
I would like to find out the ruling regards payment of zakaat of a 1oz Kruger coin. Do I pay 2.5% of the market value of the Kruger coin (example R32 600 on 4/11/2020) or do I pay 2.5% on the weight (example 22carat is R907 per gram times 34grams is equal to R30 845)?
Answer
If you own other Zakaatable assets (e.g. cash) besides the Kruger coin, you will pay Zakaat of it by adding the 2.5% market value (the price that you can sell it for, if you were to sell it) of the Kruger coin to your total yearly Zakaat.
However, if you only own that Kruger coin then since its weight does not reach the Nisaab of gold (87.48 grams), there would be no Zakaat payable on it.
References (Arabic / Urdu sources)
(رد المحتار ٢٩٧/٢ سعيد)
(الفتاوى اهندية ١٧٨/١-١٧٩ دار النوادر)
(الفتاوى الهندية ١٧٩/١ دار النوادر)
(الفتاوى الهندية ١ ١٧٩ دار النوادر)
- Approved by
- Mufti Muhammed Saeed Motara Saheb D.B.
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