There is some uncertainty in the precise role of a gift card, just as there is some uncertainty regarding the position of the money taken in by the card issuer. Two different possibilities are presented below with their answers. For purposes of ease, we will use £100 as the value of the gift card, and Amazon as the issuer.
- The gift card acts as a proof of advance payment
Considering some of the rules of gift cards, it appears that the original purchaser of the gift card has made an advance payment of £100 to Amazon for any goods that the gift card holder chooses. If this is the case, then the gift card is not a financial asset, it is merely a proof of advance payment which the card holder presents to the retailer. If this is the case, then zakāt will not be necessary on the card holder as he does not own the £100 on the gift card.
- The gift card is e-money converted from cash
When considering other rules related to gift cards, it appears that a form of electronic money has been loaded onto the card. This means that the card itself has currency stored in it which can be used to make payments. If this is the case, then the card holder must pay zakāt on whatever amount remains on the card.
Allah knows best
Ibrāhīm ibn Muḥammad