1. Comprehensive Definition and Etymology
GOLD — Arabic: ẕahab (ذهب). It refers to the precious metal gold, highly esteemed for its value and beauty. In Hebrew, it is referred to as זָהָב (zāhāb).
Definitions in Islamic Jurisprudence:
- Economic Wealth: Gold is a measure of wealth and a standard for monetary value in various periods of Islamic history.
- Zakah (Charity) Obligation: Gold is subject to zakah, an almsgiving duty required of Muslims who meet Nisab (minimum amount of wealth).
2. Background and Import:
Gold has been integral in Islamic economies and societies, often used for coins, ornamentation, and trade. The Qurʾan and Hadith outline how Muslims must handle gold, primarily focusing on fair dealings and avoiding riba (usury).
3. Cultural Context and Differences:
In different regions of the Islamic world:
- Middle East & North Africa: Gold is predominantly used in jewelry and stored as wealth.
- South Asia: Bridal dowries often include substantial amounts of gold jewelry.
- Southeast Asia: Gold is also heavily featured during various ceremonies and as an investment tool.
Broadly, gold holds both spiritual and material significance in Islam, intertwining financial care with ethical conduct.
4. Zakah on Gold:
Definition of Zakah:
Zakah is a form of almsgiving, one of the Five Pillars of Islam.
For gold:
- The zakah rate is 2.5% (one-fortieth) of the total value if it exceeds Nisab, typically equating to 20 misqals (~85 grams).
- Applied “whether it be in coin or in ornaments” although opinions like ash-Shāfiʿī’s provide exceptions for personal and women’s ornaments.
Shar’iah Compliance:
“Sell gold for gold, from hand to hand, at an equal rate according to weight, for any inequality in point of weight is usury.” The teachings of Prophet Muhammad (صلى الله عليه وسلم) enforce ethical business transactions to avoid riba and ensure fairness.
5. Economic Practices:
- General Rule: Gold must be traded equally.
- Prohibition of Riba (Usury): Trading gold for a different weight or unequal terms is deemed usury.
- Use in Vessels: Using gold and silver for eating or drinking vessels is discouraged to encourage humility and avoid extravagance.
6. Interesting Facts:
- In various regions, gold is often passed down generations, signifying both familial legacy and financial security.
- Many Islamic countries historically minted their coinage in gold, underscoring its reliable value standard.
7. Quotations:
- Prophet Muhammad: “Sell gold for gold, from hand to hand, at an equal rate according to weight, for any inequality in point of weight is usury.”
- Hidāyah, vol. i.: “The zakāh imposed upon gold is upon twenty mis̤qāls one-half mis̤qāl.”
8. Related Terms:
- Riba (ربا): Usury, interest — prohibited in Islamic finance.
- Nisab (نصاب): Minimum amount of wealth that makes one eligible to pay zakah.
- Fiqh (فقه): Islamic jurisprudence, encompassing detailed rules regarding business, trade, and everyday life.
9. Synonyms and Antonyms:
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Synonyms:
- Bullion：Refers to gold in bulk form.
- Wealth：General term denoting abundance of valuable financial elements.
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Antonyms:
- Debt：State of owing, oppositely reflecting gold’s nature as wealth.
10. Suggested Literature:
- “The Fiqh of Trade and Commerce” by Tariq Ramadani.
- “Muslim’s Wealth and Laws Relating to It” by Yunus Makote.
- “Islamic Finance: Principles and Practical Solutions” by Mahmoud El-Gamal.
Quiz Time! 🌟
Inspirational Thought-provoking Farewell:
“WaQ الله خير الرازقين” (Allah is the best of providers) — Turn to these divine rules not just for taxing diligence, but for ensuring your wealth’s barakah (blessing) reaches those who need it. Reflect on how you turn gold into compassion.
Muhammad Yasin Published on October 20, 2023
