[Zakat in Practice (part 8) ]
[Introduction: This series is a sharing on zakat from the perspective of a financial planner. It is hoped to be educational, informative as well as practical to help readers better understand Zakat, especially Zakat on Wealth, as a Muslim in Singapore.
Topics to include: Zakat on Investment, Zakat on Savings, and Zakat on Estate.]
[Previously: Conditions of Zakat]
Zakat on Gold comes in 2 forms:
- Gold in the form of bars, bullions, nuggets & coins.
- Gold in the form of jewelry.
Gold in the form of bars and its like are usually kept as a form of savings/investments. As long as they weigh more than 86 grams (nisab value), one needs to pay zakat on it.
Whereas for gold in the form of jewelry, its nisab is 860 grams, as it is customarily excessive to have that amount of jewelry. Generally, people would not have that amount of jewelry except for the wealthy.
[To be continued]