Zakat on Gold 2023
Zakat is a pillar of Islam whereby we all need to pay 2.5% of our total savings and wealth.
Your compulsory Zakat payment includes Zakat on Gold.
Therefore, the Zakat you need to pay on the Gold you own is 2.5% of its value.
Nisab on Gold
If you don’t own much gold, you may not need to pay Zakat on gold.
The Nisab is the minimum amount of wealth you need to have before you must start paying Zakat. The Nisab on gold is 87.48 grams (or 3 ounces) – so if you own less than that, you may not need to pay Zakat on gold.
How to Calculate Zakat on Gold
A gram of gold costs around £32.
That means that the Zakat on gold which you need to pay is: 80p per Gram, £9.34 per tola/
Zakat Calculator for Gold
You can also use our free Zakat calculator for gold, to work out how much money you need to pay for your Zakat on gold.
Zakat on Gold Charity
Working out how to calculate your Zakat on gold is an important part of figuring out how much Zakat you need to pay.
For 12 Amazing Years at Penny Appeal, we have had a 100% Zakat policy – that means that 100% of your Zakat payment (including Zakat on gold) will go to those in need, 100% of the time. That gives you 100% of the blessings!
Your Zakat on gold will make a real difference to people who need it most around our world.
When we think on the blessed payment of Zakat, we are reminded of the following Hadith:
“Charity never decreases wealth.” – [Muslim]