Title: Whether zakah has to be paid for the savings we make in the form of gold

Question: With ongoing recession and crashing economies, most of us have turned towards gold as our savings? Whatever amount we want to save, we purchase gold of equivalent amount. As savings in the form of gold will provide good returns most of the times when we are in need of money. Please advise whether zakah has to be paid for this gold which has been purchased from our savings money.

Answer ID: 43299Posted on: Aug 31, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 122/108/N=1434) Yes, if that gold is equal to nisab (i.e. you possess some currency extra from necessary needs of life from debt or in case of silver the value of gold is equal to the silver nisab) and it is free from debt then on the compilation of the year its zakah shall be wajib. فتلزم الزكاة كيفما أمسكهما ولو للنفقة كذا فى الدر (مع الرد كتاب الزكاة 3:186 ط مكتبه زكريا ديوبند).