The holy month of Ramadan for Muslims has begun. Believers, who think that it is more virtuous to cooperate and perform religious duties in this month, prefer to give zakat, which is one of the fards of the religion of Islam, in this month. So, should Muslims with Bitcoin (BTC), Shiba Inu (SHIB) or altcoin assets give zakat? Economist Islam Memiş answers this question on the minds of cryptocurrency investors.
Is zakat given from Bitcoin, SHIB and altcoins? How much is given?
Zakat refers to a certain amount that believers who own an amount of wealth, which is accepted as a measure of wealth in Islam, should give to certain people for the sake of Allah. Islam Memis first lists the conditions for zakat to be obligatory; The goods are increasing in addition to reaching the quorum, a year has passed from the moment they are owned, it is more than the one-year debt and basic needs.
In addition, Islam Memiş states that essential items are the things that people need to protect their life and freedom, and gives the following examples: shelter, alimony (food, clothing and health expenses), transportation, education, household goods, art. and professional tools and machinery, books, tools used for security purposes and electricity, water, fuel, dues, etc. other current expenses and the money set aside to meet these basic needs.
Islam Memiş, money (gold, silver, foreign currency, etc.), commercial assets and their income, investment real estate, etc. He states that the nisab amount of savings is 80 grams of gold or its value, and says that for the person who has the nisab amount for the first time to be liable for zakat, a full year must pass from the time this savings reaches the nisab. For the readers of Kriptokoin.com, we convey the views of Islam Memiş on whether to give zakat on Bitcoin and other crypto assets. Saying, “Times have changed, investor and savings tools have also changed”, Islam Memiş emphasizes that people whose Bitcoin and similar crypto assets exceed 80 grams of gold and who meet the zakat payment conditions should also give zakat. Islam Memiş explains how to calculate as follows:
On the day of giving zakat, he should divide the crypto money under 80 grams. 2.5% of the amount over 80 grams of gold should be calculated as zakat.
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