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Zakat And Currency Exchange Rates
I earn in Dollar while living in Pakistan and the rate of Dollar varies. I do not convert the amount to PKR instantly. I hold it and sometimes convert after months but I have to pay Zakat as soon as I receive the amount.
How do I calculate dollar rate for 10% Zakat.
Example if I get $100 then zakat is $10 and normal rate of Dollar is 305 Rs but when I sell the Dollar rather than converting them through Normal rate so the amount I can get is 310-320 depending upon the demand.
Should I give zakat according the normal dollar rate at that time or the rate that I will get later on when I will convert the amount. I convert after months sometimes so I am confused.
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2 Replies
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Zakat And Currency Exchange Rates
updated 1 year, 3 months ago
2 Members
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2
Replies
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This is an ijtihadi matter where there are no rules specified in religion. You can determine a method with sincerity and follow the same method every time. Personally I would opt for 10% of the earned dollar amount regardless of the conversion rate when I choose to dispense my Zakat.
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Thanks. I was thinking the same.
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