Sunday, October 15, 2006

Gold & Silver

The time to pay Zakah is approaching. Time to bring out the silver and gold that you have owned for atleast a lunar year, weigh it and calculate it.

The price for gold per ounce can be found here listed in many different currencies.
The price for gold per gram can be found here.
The price for gold in kilograms can be found here.
The price for gold in US dollars can be found here in both ounce, gram, and kilo.
The price for gold per gram in Swedish Kronor I calculated to roughly 144 kr/gram.

The price for silver per ounce can be found here listed in many different currencies.
The price for silver per gram is not listed however one ounce is roughly 31.1 grams.
The price for silver in kilograms can be found here.
The price for silver per gram in Swedish Kronor I calculated to roughly 2.8 kr/gram.

One pakistani tola is equal to 11.66 grams.

Whatever your silver or gold is worth after you weighed and calculated it, draw off 2,5 percent from both the gold and silver's total worth. Those 2,5 percent is what you should pay in Zakah (alongside of course any other wealth).

Example: If you have 500 grams of gold. And one gram is worth 19 US dollars.
Multiply 500 x 19= 9 500 dollars.

Then take 2.5 percent off that sum.
9 500 x 0,025= 237,5 dollars to pay in Zakah.

2 comments:

RIJJU said...

for a couple who is responsible for paying zakat, does this responsibilty fall on the husband?

Shaykhspeara Sha'ira said...

Everyone who owns money, gold, silver, assets etc that exceeds the amount of the Nisaab has to pay zakat. Wife, husband both.

If you have a joint account and economy then you can pay jointly if that is how you both want it. If you are the breadwinner and she doesn't work, it would seem you as the provider should then also provide for the zakat.

If she has her own money then she is the one obligated to pay zakah on that which she owns. However you can decide together that you pay for the both of you. Or vice versa. Or equally share.

This is somehting you two have to decide together. And these are all general answers. It all depends on circumstance. There are cases where a wife is rich and a man is poor. Things change then. And perhaps an Imam or someone with knowledge would be better suited to help you out if you have other questions.