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Giving Zakat On The Currency Savings Diminishes The Whole Saving
assalamu alaykum ghamdi Sahab i wanted to know one thing in an authentic hadith our Prophet muhammad saw mention zakat should be given in gold or silver. So both the commodities were used as currency back in those days. However it is important to note that these commodities like gold and silver their value fluctuates for example gold usually goes up and acts as a hedge against inflation but the value of money (paper cash) always goes down like 1 lac rupees is not the same as it was 10 years ago so as we are coverting cash into gold (nisab level) after few years we will be left with nothing if we were to save the money in bank without investing in anything
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Giving Zakat On The Currency Savings Diminishes The Whole Saving
updated 1 year, 6 months ago
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So one should invest or make use of one’s savings to increase assets and pay zakat and in this way purifies one’s wealth and contribute to the society.
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