I just want to clarify one thing that replacing gold with any other commodity like diamonds will not free you from your Zakat obligations. The Gold/Silver was given as a parameter for example to calculate your nisab. That does not mean that you don't have to pay Zakat if you replace Gold/Silver with a diamond ring.
My understanding is that Zakat is applicable on any thing excess of your daily needs/use and has to be factored in whether it's your savings, diamond or any other valuable jewelry that is in excess of the nisab, investment properties, valuable assets, Accounts Receivables etc.
I personally try to pay more then what I am eligible for as I always thought that if Allah is giving me some thing more then for my daily needs it must be for the use of some one else.
Do muslims wear wedding rings? I've never come across any.
My husband wears his wedding band religiously every day but it's not made of gold.
I wear my wedding band and engagement ring when ever going out or dressing formally for an occasion. It has nothing to do with wearing wedding ring or not, I am just not use to wear any kind of jewelry on a regular basis.
There are varying opinions on whether you should pay zakat on the gold you own for personal use. Some say that you don’t pay zakat on it, some say the general opinion is that you do pay zakat on it. If the latter is more true, then there ARE people who are careless about their gold. They own a lot of it MashaAllah se, but they don’t pay zakat on it. Also, I have read that it is not farz or lazim upon the husband to pay zakat on his wife’s gold and therefore the owner of the gold (in this case the wife) is responsible for paying zakat on it provided she has more gold than the nisab amount. If her husband refuses and she cannot work, then she has to pay for it some way…she can opt to reduce the amount of gold so that she pays less or she can reduce it to the point that it falls under the nisab amount. The more that Allah has blessed a person, the more they will be held accountable for it and that’s the flip side of the barkat…so it’s not unreasonable for one to think about future consequences…as in if they can handle the yearly expense along with other expenses (home, family, etc). For some it may be easier than others. But I think the concern is a healthy one and shows that one is conscious of fulfilling this fardh. I don’t think it necessarily means that one has a chota dil or is stingy, etc.
First of all my comment was a light hearted joke hence also but thank you for killing it..
Secondly as I wrote, but let me highlight it for you just in case
which obviously excludes people who have concerns about being able to pay zakat and therefor fulfilling their farz and I think you agree with that as well ..
Op's question is would you sell off your gold to invest somewhere else and would you involve your spouse in that decision. :)
Lmao, the thread went off the tracks. I used to think investment was better until I met a lady whose husband ran off after losing all his money in dubious investment and leaving behind his wife and kids with debt. She had to sell the gold and her house to continue keeping her kids in school and paying the rent for the flat they moved into. So, I used to think the whole saving gold for a rainy day was so filmy until I witnessed it in real life. And a house is just not as easy to sell as gold when you need money pronto.
And I would think a husband and wife would share with each other big financial decisions. Like my mother told my father she went to the jewelers and was getting something gold made for me. It was her money so there wasn't any give or take or permission required. He shrugged and went back to reading the newspaper. And I just remembered my father pays for zakat of the gold my mother keeps (He explicitly took responsibility for it even though it's from her side) so I guess she'll tell him if she's buying/selling to make adjustment for zakat.
i have seen some people bought tons of gold with "Haram kii kamaaii" and they pay zakaat on it regularly!
is that a vein attempt to purify their 'loot'?
We Muslims pick and choose our vices although I have seen that startlingly honest behaviour by someone who's been dishonest forever has some hidden twist in it.
Like someone kanjoos buying tons of qurbani bakras and we later realize they were funded by the elderly father.
While this specific scenario doesn’t apply to me, asset allocation is key. If gold is part of ur.asset allocation then ok to keep some of ur assets in gold. Periodic rebalancing would be in order
but thank you for killing it..