Gold and silver: the spot rule
Gold and silver are ribawi items. The hadith of the six commodities requires that when they are exchanged for money the exchange is hand to hand. AAOIFI Shariah Standard 57 turns this into modern rules: pay today, own the gold today.
Physical gold paid in full is the clean case. Allocated vault gold, where specific bars are yours and the custodian is audited, is accepted by most scholars as constructive possession. Digital gold and gold-backed tokens are accepted by many only when they are fully allocated, redeemable and settled immediately.
- Not permitted: unallocated accounts (a debt of gold, not gold), instalment purchases, deferred delivery, futures, options, CFDs and leveraged gold.
In Pakistan the price is quoted per tola (11.6638 g). Barqish converts the dollar price per troy ounce into rupees per tola, per 10 g and per gram using the reference USD/PKR rate. Two things move the rupee price: gold in dollars and the rupee itself.
Zakat: 2.5% of the value of gold held for a lunar year once you own at least 87.48 g (about 7.5 tola). Silver's nisab is 612.36 g. Many scholars recommend the lower silver nisab for mixed savings.
The reading on gold describes its trend, not your reasons for holding it. Savings, zakat planning or a wedding are not trades, and a Cautious reading is not a reason to sell them.
Test yourself
A bank offers a 'gold savings account' where you own a balance of grams but no specific bars are set aside. This is:
- Allocated gold, permitted
- Unallocated gold, widely considered not permitted ✓
- Physical gold
- A zakat-free asset
With no specific bars allocated to you, you own a promise of gold, not gold. Most scholars treat that as a debt and not a valid sarf exchange.
How much gold makes zakat due if held for a lunar year?
- Any amount
- 87.48 grams, about 7.5 tola ✓
- 1 kilogram
- Only jewellery
The gold nisab is 87.48 g (about 7.5 tola). Silver's is 612.36 g, and many scholars use the lower silver nisab for mixed savings.
Gold is flat in dollars but the rupee weakens 5%. The tola price in rupees:
- Falls
- Stays the same
- Rises about 5% ✓
- Cannot change
The rupee price is the dollar price times the exchange rate. A weaker rupee lifts the tola price even when gold itself has not moved.
Roman Urdu mein parhein: Sona aur chandi: spot ka usool
Sona aur chandi ribawi cheezein hain. Chhe ajnaas wali hadith ke mutabiq jab inhein paise se badla jaye to lein-dein haath-o-haath ho. AAOIFI Shariah Standard 57 isay jadeed usool banata hai: aaj paisa do, aaj sona apna karo.
Poore paise par physical sona sab se saaf soorat hai. Allocated vault gold, jahan makhsoos bars aap ke hain aur custodian audit shuda hai, aksar ulama ke nazdeek qabza ke hukm mein hai. Digital gold aur gold-backed tokens bohat se ulama sirf tab maante hain jab poora allocated, redeemable aur fauran settle ho.
- Najaaiz: unallocated accounts (sone ka qarz, sona nahi), qiston par khareed, deferred delivery, futures, options, CFDs aur leveraged gold.
Pakistan mein qeemat per tola (11.6638 g) batai jati hai. Barqish dollar per troy ounce ko reference USD/PKR rate se rupay per tola, per 10 g aur per gram mein badalta hai. Rupay ki qeemat do cheezon se chalti hai: dollar mein sona aur khud rupaya.
Zakat: qamari saal rakhe hue sone ki value ka 2.5%, jab aap ke paas kam az kam 87.48 g (taqreeban 7.5 tola) ho. Chandi ka nisab 612.36 g hai. Bohat se ulama mile-jule savings ke liye chandi ka kam nisab tajweez karte hain.
Sone par reading uska trend batati hai, aap ke rakhne ki wajah nahi. Bachat, zakat ki planning ya shadi trade nahi hain, aur Ehtiyaat reading unhein bechne ki wajah nahi.
Aham baat: Spot, allocated, poore paise par. Jo bhi udhaar, unallocated ya leveraged ho, usool toot jata hai.
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