Question
There is a lot of platinum in my country, and people call it “white gold.” Because of this they say that zakat is obligatory on it. Is this correct?
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-Salāmu ʿAlaykum Wa-Raḥmatullāhi Wa-Barakātuh
Apart from gold and silver, no zakāh is due on precious metals merely on account of their intrinsic value if they are held for personal use and are not acquired for the purpose of trade. However, if such a metal is purchased with the intention of resale, it is regarded as trade merchandise according to the established principles of zakāh, and zakāh will be due on its value, subject to the applicable conditions of zakāh on merchandise.
Therefore, platinum is not subject to zakāh merely because it is a precious metal or because it is commonly called “white gold.” If, however, it is acquired for the purpose of trade, it will be treated as merchandise and zakāh will be due accordingly. [2]
And Allah Taʿāla Knows Best.
Baba Abu Bakr
Student –Darul Iftaa
Accra, Ghana
Checked and Approved by
Mufti Muhammad Zakariyya Desai
https://iftaa.co.za/9295/zakat-on-platinum/
