Is it valid in the Hanafi school of thought to pay the due Zakat on actual gold or silver in its value in cash currency? For instance, if someone owns 10oz of gold in bars and coins, can they pay the due Zakat in CAD?
Wa ‘alaykum assalam wa rahmatullah wa barakatuh.
Yes, it is valid to pay the zakat on gold and silver in cash. (Ibn ‘Abidin, Radd al Muhtar)
May Allah grant you the best of both worlds.
Checked and Approved by Shaykh Faraz Rabbani
Shaykh Abdul-Rahim Reasat began his studies in Arabic Grammar and Morphology in 2005. After graduating with a degree in English and History he moved to Damascus in 2007 where, for 18 months, he studied with many erudite scholars. In late 2008 he moved to Amman, Jordan, where he continued his studies for the next six years in Sacred Law (fiqh), legal theory (Usul al-fiqh), theology, hadith methodology, hadith commentary, and Logic. He was also given licenses of mastery in the science of Quranic recital and he was able to study an extensive curriculum of Quranic sciences, tafsir, Arabic grammar, and Arabic eloquence.