Propher Muhammad (P.B.U.H) said that the building of islam is standing upon 5 pillar. Zakat is one of them. It is the economic system that Allah gave us by Prophet Muhammad (P.B.U.H), to look after the poor and needy people in society. Zakat is obligated on gold, silver, cash and property. Zakat on per tola gold can be calculated by knowing the current gold rate and Zakat nisab.
According to Sheria Zakat is applicable to those Muslims who possess 7.5 tola gold, 52 tola silver or the property and cash equivalent to that. Detail of zakat’s nisab and recipients of zakat is provided in this article.
Zakat, Pillar Of Islam?
Zakat is an obligation by Allah. It is signifies as a pillar of Islam. Zakat is a compulsory act of the rich toward the poor and needy people of the society. Every adult and financially able Muslim is obligated tp pay zakat. It helps to keep the balance among rich and poor people. Every Muslim who owns minimum 7.5 tola of gold or 52 tola of silver and their equivalent cash or property has to give 2.5 % of teh total amount of the asset. The recipients of zakat are also mentioned in the Holy Quran.
The nisab (eligibility criteria) is already fixed by the Prophet Muhammad (P.B.U.H). According to Hazart Muhammad (P.B.U.H) nisab is 20 Mithqal for gold which is equivalent to 7.5 tola or 87.48 grams and for silver 200 dirham which is equal to 52.5 tola or 612.36 grams.
Zakat has to be paid yearly. If a person owns less than nisab zakat is not obligatory. There is also an important point to understand that if a person owns only gold then 7.5 tola gold nisab is used. However, if a person owns gold, silver cash, and assets then 52.5 tola of silver nisab will be used. Every muslim that fulfills teh nisab has to pay 2.5 % of his total wealth every year.
The recipients of zakat are also mentioned in the Holy Quran. There are 8 recipients of zakat.
How to calculate your Zakat On Gold Per Tola?
Zakat nisab is based upon gold and silver. So it is calculated by knowing the price of gold. You can calculate the value of your gold by multiplying the price of gold with the amount of gold you have. Afterward, 2.5% of the total amount is the zakat.
For example, if a person has 1million worth of gold, than the zakat on it will it’s 2.5 % that is 25,000. This amount has to be given to the recipients of zakat that are already mentioned in Quran.
Zakat On Gold per tola In Islam
The nisab of zakat is given in means of gold and silver. For gold it is 20 Mithqal (Dinar) which is equivalent to 7.5 tola or 87.48 grams. For silver the nisab is 200 dirham which is equivalent to 52.5 tola or 612.36 grams. If a person owns gold and silver equal to nisab he is obligatory to pay zakat.
If a person owns different forms of assets like gold, silver, money property or any other form of assets, calculate the value of all these assets, if it meets the nisab then the person will donate 2.5 % of the total amount to the poor and needy annually.
Zakat on Jewelry | Cash | Assets
If you have jewelry, cash, property and some gold then the question is how do you calculate the zakat on that. In that scenario, calculate the market value of everything you have. If its value is equivalent to the nisab i.e. 52.5 tola or 612.36 gram of silver, you are eligible for zakat.
Zakat On Sterling Silver
Nowadays, there are different types of gold and silver present. In these types the amount of pure gold or silver varies, like sterling silver, gold filled, gold plated, and gold vermeil. If we talk specifically about sterling silver, it contains 92.5 % of pure silver, the remaining is other metals like zinc. According to Ulma if an alloy (mixture of different metals) contains more than 50% of pure metal, the zakat is payable on it. Sterling contains 92 % of silver so, zakat is due on it. Although the nisab remains the same which is 200 dirhams that is equivalent to 52.5 tola or 612.36 grams.
FAQs about zakat on gold per tola
Zakat purifies your wealth and guarantees its safety so every year you must give 2.5 % of your wealth to the poor people of the society. The recipient of zakat is also mentioned in the Quran and no one else can receive it.
Zakat is a compulsion from Allah on Muslim. It is an obligation, and considered as pilar of islam. The nisab is fixed by Prophet Muhammad (P.B.U.H). i.e. 7.5 tola of gold or 52.5 tola of silver. It is necessary to know zakat on gold per tola and silver per tola, in case you have mixed assets like 1, 2 tola of gold, some amount of silver, cash and other forms of assets. Calculate the value of all the assets if it is equal to the nisab then you have to give zakat.