Q: We are having an economic meltdown in our country. Due to lack of forex reserves, there is a vast difference between the dollar in the bank and the dollar on the black market. Due to scarcity, majority of the people are dealing with the black market rate which is very high in comparison to the bank rate. The bank also sometimes charges a premium that brings it close to the black market rate. The whole economy is running on the dollar and things change according to the rate.
The issue comes about when calculating zakaat and other financials. Some Ulamaa have taken what they call a middle rate to benefit the masses. Others are taking the bank rates. Yet still some are of the opinion that the black rate should be taken into consideration because everyone is using it. What should be done in this case? What rate should we use? Your advice will be greatly appreciated.
A: When calculating zakaat, one will calculate the zakaat at the rate which is more beneficial for the poor i.e. the higher rate which is the black market rate.
And Allah Ta'ala (الله تعالى) knows best.
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