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  • Zakat And Currency Exchange Rates

    Posted by Muhammad Wasif on September 5, 2023 at 10:49 am

    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.

    Muhammad Wasif replied 2 months, 4 weeks ago 2 Members · 2 Replies
  • 2 Replies
  • Zakat And Currency Exchange Rates

    Muhammad Wasif updated 2 months, 4 weeks ago 2 Members · 2 Replies
  • Faisal Haroon

    Moderator September 5, 2023 at 4:17 pm

    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.

  • Muhammad Wasif

    Member September 5, 2023 at 4:18 pm

    Thanks. I was thinking the same.

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