- EN (English)
Fatwa ID: | 82437 |
Title: | zakat coin |
Category: | Poor-due or obligatory charity (Zakaah) |
Scholar: | Dr. Main Khalid Al-Qudah |
Date: | 09/05/2010 |
salam aleekom wa rahmat allah wa barakatuh i deal in coins i buy old coins then grade them then sell them for examble i buy old lincoln cent rolls they come as unopened un searched i buy thousands of dollars lets say that i bought 10 rolls of 1955lincoln cent for $1000 then i will look at them using special magnifier then select some of them to send to grading companies and the minimum that i can send is 100 and they charge me $ 10 to grade them that is $1000, after they get graded they get grades like ms 65 ms66 ms67 the ms 65 sells for $30-50 the ms 66 sells 100-250 the ms 67 sells for $1000-5000 how do i caculate zakat on these coins after one yaer based on fair market value and it varies or based on how much i paid for them sukraan
AAWW
Most importantly; you have to make sure that the coins you trade in are not used as currency any more, and that they are no more than antiques.
As of the Zakatability of such a business; it takes the rules of any other merchandize you might have. In other words, you need to determine the face value of the coins- or the merchandize- you have and then you deduct all expenses you incurred, the net amount is the Zakatable one that you need to pay 2.5% out of it as Zakah.