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The Zakat payable on the Gold you own is 2.5% of its value. On average, a gram of Gold costs $86.86 as of March 22, 2023.
Therefore, the Zakat you’re due to pay is: $86.86 x 2.5% which is around $2.07 per Gram, $42.37 per tola/bori (11.34g).
Use our Zakat calculator to work out how much Zakat you owe on gold.
The nisab is the minimum amount of wealth a Muslim must possess before they become eligible to pay Zakat. This amount is often referred to as the nisab threshold.
Gold as well as silver are the two values used to calculate the nisab threshold. The nisab is the value of 87.48 grams of gold or 612.36 grams of silver.
Nisab as of March 22, 2023:
Zakat is not just a duty on those with wealth given for the love of Allah (SWT), but a right that the poor have over us.
Those with sufficient wealth are noted in the Holy Qur’an as for:
“Those in whose wealth there is a recognized right for the needy and the poor” (70:24-25).
Gold Rate for Zakat: $86.86 per gram or $32.54 per Tola/Bori
Your Zakat is an Amanah, and we take that trust very seriously. At Islamic Relief Canada, we follow a scholar-verified Zakat Policy to ensure your Zakat reaches as many poor and needy people as possible to transform their lives.
This ensures that Islamic principles are adhered to every step of the way from project design and community fundraising discussions to project implementation.
Your Zakat has funded some of our crucial work with 1.6 million people and their communities living in disaster and war zones: drought and famine-struck countries across East Africa; communities affected by conflict in Yemen; and families in war-torn Syria struggling to survive one day to the next.
Your Zakat has supported communities to build sustainable livelihoods in the face of climate change and to build better lives for vulnerable orphans and families across the globe.
Alhamdulillah, your Zakat has the power to transform people’s lives. Help make this happen. Give your Zakat for the love of Allah (SWT).
Visit our Zakat page for answers on frequently asked questions around Zakat.