Fatwa #3002121 April 2020South Africa
Zakat on Kruger Rand - How is it calculated?
Question
Please can you clarify for me in relation to zakaat.
Scoin sell and buy Kruggerands.
As per below they give a buy & sell price as well as the gold price.
If one owns 1oz kruggerands, how should it be valued for zakaat purposes
after looking at the tables below?
Buy price is R14400
Sell price is R15600
Gold price is US$1342. Using an exchange rate of 10.80 as per their indicator, this would
equate to R14494.
Please advise.
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
You take into consideration the price of gold as you did in your last example.
And Allah Ta’āla Knows Best
Khalil Johnson
Student Darul Iftaa
Canada
Checked and Approved by,
Mufti Ebrahim Desai