Zakat is compulsory??

GOLD is one of the material that needs to be measured with zakat. In holy Quran, Allah S.W.T have mentioned in surah At-Taubah where zakat on gold is compulsory to people who fulfill the requirement.

“Dan mereka yang menyimpan emas dan perak dan tidak membelanjakannya pada jalan Allah (mengeluarkan zakat) maka khabarkanlah kepada mereka dengan azab yang pedih, pada hari emas dan perak dibakar di dalam neraka jahanam lalu diselar dengannya dahi dan rusuk mereka dan belakang mereka seraya dikatakan kepada mereka inilah harta yang kamu simpan selama ini buat dirimu, maka rasailah balasan apa yang kamu simpan dahulu”.

At- Taubah; ayat 34-35

Gold for safe keep (goldbar/bullions)

Gold such as waffles, bar and bullions which are not used or keep in 1 year period. If the gold amount is equal or more than 85 gram, therefore zakat is compulsory for 2.5% yearly.

Example:

2.5% x (amout of gold if 85 grams and above)
2.5% RM6000
Zakat = RM 150

Gold as accessories (jewelry)

Gold such as jewelry usually is not compulsory for zakat. Unless if the weight more than uruf 150 gram, therefore the rate for zakat is also 2.5% per year. The amount is only counted with gold 's weight and excluded for diamond etc.

Majlis Agama Islam Wilayah Persekutuan (MAIWP) give standardize rate for uruf is 150 gram.

Example:

Gold's weight = 250 gram

Uruf = 150 gram

Requirement gold for zakat = 250 gram - 150 gram = 100gram
Zakat gold which are compulsory = 2.5% x (100 gram x spot gold price)
2.5% x (100 gram x RM 77.16)
Zakat = RM 192.9


source: http://zakat.com.my