Page 16 - Obligatory Zakat Made Easy

iv. Shariah Non-Compliant Gold Investments

Gold Account Passbook (No Gold Ownership)
A gold investment passbook or gold savings account is
non-compliant with sharia if no physical gold is kept.
Zakat is charged only on the principal investment if the
amount exceeds the annual nisab. It is calculated
according to the savings zakat formula.
Virtual Gold Account
Virtual gold is gold traded for non-physical investment.
The virtual gold business uses an electronic platform.
Investors who have an account with a particular broker
may make buying and selling gold calls at current
prices displayed on the platform but they cannot claim
the physical gold they have purchased.
Since this gold trade does not involve physical gold, it
is considered as sharia non-compliant. Zakat is charged
only on the principal investment if the amount exceeds
the annual nisab rate. It is categorised as savings zakat
payment.

Calculation Example
Principal investment x 2.5%
= RM40,000.00 x 2.5%
= RM1,000.00 (Note 8)

Note 8: Paid on savings zakat

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