BY: LIZAWATI MADFA
SHAH ALAM, NOV 22: Paying for zakat for gold is mandatory for Muslims who have met the five requirements as stipulated in Islam.
The Head of Strategic Marketing Department in the Selangor Zakat Board (LZS), Collection Division, Mohamed Syahril Zainol said that zakat must be paid for gold accessories worn continuously, or occasionally within one year.
He said that zakat for gold accessories is calculated based on the amount of gold that exceeds the uruf or set limit.
“Once the gold is worn, even once; it is regarded as an accessory, as the intention is to use it and not to keep it for other purposes.
“If the total weight of gold worn on the body, including gold that is being kept (after having been in use within a year), exceeds 800 grammes (the uruf or limit set by Selangor), then it is mandatory for the owner to pay zakat,” he said.
For example, if the total weight of the gold is 900 grammes, the amount of zakat to be paid is calculated as (total gold weight – uruf) multiplied by (market rate of gold x 2.5%), or [(900 – 800) x (RM144.38 x 2.5%)] = (100 x 3.6095) = RM360.95.
Syahril said that gold which is not considered accessories are more towards gold in big in size physically such as gold ingots, gold bought for investment and collections of gold jewellery.
“Zakat for gold which are not considered accessories is 2.5% of the total amount of gold in possession, if it is equal to or more than 85 grammes.
“The method of calculation, for gold which is not considered accessories, is to multiply the weight of gold with its market rate and then multiply the total with 2.5%, to derive the amount of zakat that needs to be paid.
“Gold such as gold bars for investment, is considered as zakat for gold, whereby if it kept in possession for a complete year and the amount exceed the nisab, then zakat becomes mandatory,” he said.
For calculation details, the public can visit www.zakatselangor.com.my/calkulator-zakat/zakat-emas-perak/ and follow the instructions provided.
The public can also visit LZS branches to use the weighing machines provided in order to weigh their gold and calculate the amount of zakat that should be paid for it.
