Fatwa: # 30021
Category: Charity, Obligatory (Zakaat)
Country: South Africa
Date: 21st April 2020

Title

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

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