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Zakat Applicable on Gold Kept in a Bank

Question

Is there Zakat on gold kept in a bank?

Answer

Whether the gold is for investment or for use, in the form of jewelry kept in a bank locker, Zakaat is obligatory on gold in all cases.
If the gold kept in the bank alone is equal to the Nisaab (ie seven and a half tola 87.479 grams or more) or the gold kept in the bank is less than seven and a half tola but other goods i.e. silver, cash or merchandise reaches the price of 52 tola (or 612.35 grams) silver then zakaat is obligatory on it annually. Two and a half percent of the total value will be deducted as zakaat.

Allah Knows the best.

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Posted in Fatwa, Gold, Silver & Cash, Zakaat, Zakaat & Sadaqaat (Charity)

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