Oman: Gold price surge reflects on zakat obligations
Muscat : One of the five pillars of Islam, zakat obligates Muslims to donate 2.5% of their qualifying wealth annually to those in need. This religious duty ensures fair distribution of wealth and fosters social solidarity within the community.
For many Muslim families, especially in Asian and Omani communities, gold serves not only as jewellery but also investment. With gold prices recently at an all-time high of US$3,000 per ounce, up more than 35% since March 2024, the value of gold holdings has sharply increased.
This rise has led to a higher zakat due for many households, impacting their budgets.
Islamic scholar Hatim Abdul Salem stresses that the obligation to pay zakat is not affected by changes in asset values. The nisab, the minimum wealth threshold for zakat, is traditionally set at 85g of gold or 595g of silver. As long as a Muslim's wealth meets or exceeds this threshold over a lunar year, zakat is due, regardless of market fluctuations. 'This principle underscores the importance of fulfilling religious obligations without being affected by economic fluctuations,' he said.
Community members echo this view, emphasising the spiritual significance of zakat. Ahmed al Harthy, a local businessman, said, 'The rise in gold prices should not deter us from our duty. Zakat purifies our wealth and souls, and its calculation should remain consistent, regardless of market trends.'
Salim Khan, a businessman based in Ruwi, agreed, adding, 'Whether gold prices rise or fall, our commitment to this pillar of Islam must remain unwavering. While it's important to be aware of market dynamics, these should not influence our religious obligations. Zakat is a fixed duty, and its fulfillment brings blessings beyond monetary value.'
Marketing executive Zayed Malik offered his perspective, saying, 'While gold price fluctuations can affect the monetary value of one's assets, these do not change the essential obligation of zakat. We must believe in our book – the Quran – and trust that everything has good logic.'
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
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