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Do I Have to Pay Zakat on Gold That I Have Bought With a Credit Card?

Answered by Ustadh Tabraze Azam

Question: Assalam alaykum

I have purchased gold using a credit card. Now I am paying 1300 aed every month but the gold is already with me. I don’t have much savings. But alhamdulaillah I am earing 6500 aed. Do I have to pay zakat on that gold?

Answer: Wa alaikum assalam wa rahmatullah,

Zakat is payable on your assets, less debts. This is irrespective of your income.

You need to determine whether or not you have the zakatable minimum (nisab), and whether you have been in possession of it before this point. If one lunar year has passed, you would need to pay zakat. [see: e-nisab.com]

For further information, please see: Zakat: How to Calculate & Whom to Give and: Is Your Zakat Due? – A Reader and Resources on Giving Zakat

And Allah Most High alone knows best.

[Ustadh] Tabraze Azam

Checked and Approved by Shaykh Faraz Rabbani

Ustadh Tabraze Azam holds a BSc in Computer Science from the University of Leicester, where he also served as the President of the Islamic Society. He memorised the entire Qur’an in his hometown of Ipswich at the tender age of sixteen, and has since studied the Islamic Sciences in traditional settings in the UK, Jordan and Turkey. He is currently pursuing advanced studies in Jordan, where he is presently based with his family.

Is Food Bought With a Credit Card Halal? (Video)

Answered by Shaykh Faraz Rabbani

Question: Assalamu alaykum

Is food bought with a credit card halal?

Answer:  Wa’leykum Salam,

Here is a video answer by Shaykh Faraz Rabbani to this question:

Shaykh Faraz Rabbani is a scholar and researcher of Islamic law and Executive Director of SeekersHub Global After ten years overseas, Shaykh Faraz returned to Canada in the Summer of 2007. In May 2008 he founded SeekersHub Global to deal with the urgent need to spread Islamic knowledge—both online and on the ground—in a reliable, relevant, inspiring, and accessible manner. He has been repeatedly listed as one of the world’s 500 most influential Muslims (The Muslim500).

Is It Permissible to Receive Cash Back and Travel Rewards That Are Provided by Credit Card Companies?

Answered by Ustadh Salman Younas

Question: Is it allowed for us to receive incentives such as cash back (I.e 1%) and travel reward points from credit card companies?

Answer: assalamu alaykum

These are permitted as leading scholars, such as Mufti Taqi Usmani, have stated. They are legally viewed as being gifts.

However, if they are being given by the bank as interest on your deposit or can only be redeemed by purchasing bank products that are impermissible, then it would not be permitted.

Salman

Checked & Approved by Shaykh Faraz Rabbani

Photo: ALEXEY ABROSIMOV