Zakat on silver

Question

My wife has neither 7½ tolas (a unit of weight, ≈ 11.66 g) of gold nor fifty-two and a half tolas of silver. If one looks at the two combined: if the value of the gold is converted into silver, that weight is reached, but if the value of the silver is converted into gold, 7½ tolas are not reached. What should be done in this case? Also, are genuine (not imitation) braid and lace made of gold and silver thread counted as well or not?

Answer

Count the gold, too, as silver by combining [it with the silver]; that is, as much silver as can be obtained in exchange for that gold — regard it as silver, and then pay zakat on the total. There will also be zakat on silver and gold braid and lace. Zakat on the cash you have is binding (lazim). On the money you have lent out it will become binding upon its receipt.

Source: Fatawa Mahmudiyya

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