The real value of gold ..

Lifestyle Relationships
61

Re: The real value of gold ..

for your own benefit, you can find a loophole in the religious edict. weigh yourself on a planet X then wear equivalent of your weight in gold on earth! :slight_smile:

1 g was an example. i dunno how much gold is used to make the flimsiest possible wedding band. may be 2-3 grams?

62

Re: The real value of gold ..

What if upper limit on earth is 2 g. And I weigh 6 on planet Xanadu. Would I HAVE to buy 6 g of gold on earth? Or can I buy anything up to 6g? In other words, is there a minimum wt reqt.

Converging towards conversion.

63

Re: The real value of gold ..

lower limit = NO
upper limit = YES :slight_smile:

64

Re: The real value of gold ..

i have about 40 tola gold and i wanted to sell it but my mamoo said not to sell but keep and pay zakat. he said when i pay zakat, i will feed some poor and if i sell my gold i will nt pay that zakat. y not keep my gold, use and enjoy while feeding some poor.

65

Re: The real value of gold ..

that’s such a nice thought and intention. i think it’s great idea
not many people think that way
most people try to avoid paying zakaat just like they do it with their taxes
i solute your maamuuN for such a noble gesture towards the poor.

do it by all means
everyone will be happy
you will be happy to enjoy your jewelry, poor will be happy to be helped and Allah will be pleased with your act.

may Allah reward you and your maamooN in this world and in the hereafter.

btw, paying zakaat/sadaqaat increases your wealth and not diminish it as it seems but unfortunately most people do not fathom it. :slight_smile:

66

Re: The real value of gold ..

Do people need to pay zakat on their retirement funds in the Western countries where there would be a big penalty and tax implications if they withdrew the money early ? Meaning they really do not have access to this money to use until retirement age.

67

Re: The real value of gold ..

afaik, the zakaat is due when you cash it and a year has passed. an 'aalim will be helpful.

68

Re: The real value of gold ..

My mamoo is very religious. We (my brothers, sis and I ) are very strict on zakat and even on Interest (we have mortgage but thats due to no choice as islamic loan not available). For our savings we tell bank not to pay us interest and if they happen to do we donate that as well. Our relatives in Pak thinks we are crazy for not having interest on savings or giving to poor that interest.

69

Re: The real value of gold ..

masha Allah
very nice and the right thing to do. some say why leave the interest with the bank? why not take that and use that to help the poor [not considering or thinking it as Sadaqa]
i am of this opinion. i take the interest and give it to the poor without expecting any rewards from Allah. If Allah rewards me out of his benevolence will be an added bonus! :slight_smile:

you guys ain’t ‘crazy’ for sure
those way say it don’t know what they are talking about or they ain’t religious enough.

70

Re: The real value of gold ..

this one is quiet a tricky one since we are given gold for ‘investement’ purposes but no one let the couple sell the gold in the first few years.

i am not fond of gold at all, but my parents insisted and convinced me that i could use it for rainy days or as a help for a home deposit. parents are ready to spend thousands on gold that daughters will never wear happily but would not give the same amount in cash 
 a tad strange.

71

Re: The real value of gold ..

Zakat is 2.5 % .. it’s really not a big deal.

I don’t know why some people say “oh no gold please, phir zakat deni paregi” umm, if God has given you enough then cherish the fact that you’re able to give something in His path instead of seeing it like some headache chore. Apne dil ko thora bada karna chahiye :hehe:

72

Re: The real value of gold ..

^^In our family we get a house deposit (if we don’t have a place already) rather than extra gold.. Property prices tend to rise a LOT (here nr London at least) and it’s more practical having your own place with the security that comes with it than being dependent on extended family + inlaws imo..

73

Re: The real value of gold ..

I think there is a difference of opinion among ulema on this. Some say that since you don’t have control over it, you are not liable till you get control. Some say you do have control, coz you are making investment decisions on that money. One eg. of the latter is here: Public » Askimam

74

Re: The real value of gold ..

Like I say, think of it as purifying your wealth.

75

Re: The real value of gold ..

some will give their gold a bath with ‘aab-e-zamzam’ to purify and not pay zakaat! :smiley:

76

Re: The real value of gold ..

that’s the reason why Muslims shop around for the fatwa they desire! 
 sad! :frowning:

77

Re: The real value of gold ..

Or maybe that is Allah’s rahmah.

78

Re: The real value of gold ..

raHmat? :hmmm: how so?

79

Re: The real value of gold ..

well you are suddenly afforded a choice
you can chose to follow the one that is easier
isnt that a blessing? you cant say the easy one is the wrong one, coz even the easy one has the backing of ulema.

80

Re: The real value of gold ..

People in the West can save a lot in zakat if they do not have to pay on retirement funds.

If zakat is due when the retirement fund is cashed and a year has passed, they never have to pay.
That is because people usually only withdraw/cash the amount they need for the year to live on.

What about calculating on the amount you get to keep after penalty and tax if you were to withdraw today.
I would estimate that to be 60% of the value of the retirement fund today.