The rise in gold prices to US$3,000 per ounce has significantly increased zakat obligations for Muslim families, impacting their finances. Scholars and community members emphasize that zakat must be fulfilled regardless of market conditions, highlighting its spiritual importance and fixed nature in Islam.
In Islam, zakat is one of the five pillars, mandating that Muslims contribute 2.5% of qualifying wealth annually to support those in need. This obligation promotes equitable wealth distribution and reinforces social unity within the community. For many Muslim families, particularly in Asian and Omani cultures, gold is both jewelry and a form of investment.
Currently, gold prices have surged to an unprecedented high of US$3,000 per ounce, reflecting an increase of over 35% since March 2024. This dramatic rise significantly elevates the value of gold holdings, thereby increasing zakat obligations for numerous households and affecting their financial planning.
Islamic scholar Hatim Abdul Salem asserts that the requirement to pay zakat remains constant despite shifts in asset values. The nisab, which represents the minimum wealth threshold for zakat, is traditionally set at 85 grams of gold or 595 grams of silver. Hence, as long as a Muslim’s wealth exceeds this threshold over a lunar year, zakat must be paid, irrespective of market conditions. “This principle underscores the importance of fulfilling religious obligations without being affected by economic fluctuations,” he remarked.
Community members emphasize the spiritual importance of zakat amidst the changing gold prices. Local businessman Ahmed al Harthy stated, “The rise in gold prices should not deter us from our duty. Zakat purifies our wealth and souls, and its calculation should remain consistent, regardless of market trends.”
Further supporting this notion, Salim Khan, a businessman in Ruwi, commented, “Whether gold prices rise or fall, our commitment to this pillar of Islam must remain unwavering.” He highlighted the obligation to fulfill zakat, noting that it leads to blessings beyond monetary aspects.
Marketing executive Zayed Malik added, “While gold price fluctuations can affect the monetary value of one’s assets, these do not change the essential obligation of zakat. We must believe in our book – the Quran – and trust that everything has good logic.”
In summary, the significant rise in gold prices has led to increased zakat obligations for many Muslim families, impacting financial planning. However, community leaders and scholars assert that the essence of zakat remains unchanged, emphasizing its spiritual importance and the obligation to fulfill it, regardless of market fluctuations. This demonstrates a strong commitment to faith and community support in challenging economic conditions.
Original Source: www.zawya.com
