Gold price surges have raised zakat obligations for Muslim families in Oman, emphasizing the need for adherence to religious duties regardless of economic fluctuations. Islamic scholars and community members highlight the fixed nature of zakat, based on established wealth thresholds, reinforcing its spiritual significance.
In Islam, zakat is one of the five pillars and mandates Muslims to donate 2.5% of their qualifying wealth each year to aid those in need. This practice promotes equitable wealth distribution and enhances social solidarity within communities.
For many Muslim households, especially in Asian and Omani societies, gold is not only deemed jewelry but also viewed as an investment. Recently, with gold prices reaching a record high of US$3,000 per ounce, a 35% increase since March 2024, the worth of gold assets has substantially escalated, impacting household budgets due to increased zakat obligations.
Islamic scholar Hatim Abdul Salem emphasizes that zakat obligations remain unchanged despite fluctuations in asset values. The nisab, or minimum wealth requirement for zakat, is traditionally quantified at 85 grams of gold or 595 grams of silver. If a Muslim’s wealth meets or surpasses this threshold within a lunar year, zakat is mandated, regardless of market changes. “This principle underscores the importance of fulfilling religious obligations without being affected by economic fluctuations,” he stated.
Community members reflect similar sentiments regarding the spiritual importance of zakat. Local businessman Ahmed al Harthy remarked, “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.”
Another businessman, Salim Khan from Ruwi, concurred, saying, “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 shared his insights, stating, “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.”
The recent surge in gold prices has led to increased zakat obligations for many Muslim families, highlighting the significance of maintaining religious duties in the face of economic changes. The consensus among community members and scholars emphasizes that zakat must be calculated based on established thresholds, irrespective of market conditions. Ultimately, the spiritual rewards and societal contributions associated with zakat underscore its unwavering importance in Islamic practice.
Original Source: www.zawya.com
