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| Paying Zakat on my Saving Account Money |
Question:
If I put $100 in a saving account every month starting January 1st. on December 31st it's been a year. 1) should I pay 2.5% of the $1200 (what I usually do) or can I pay each month 2.5% of $100? 2) can I take the zakat amount from my checking account with the intention of paying my zakat on my saving?
Answer:
Praise be to Allah.
Zakah becomes obligatory once you have Nisab ($1500) not pre-occupied by debts or expenses. Once you have this amount (not only money but it includes saving accounts, current account, stocks, shares and other investments, IRSP, and any other special saving plans, gold or silver jewelry, cash on hand and the like) you begin your Zakah year.
Then every 354 days then after you need to calculate the same again and pay Zakah at 2.5%. Any additions during the year are included in the balance and subject to Zakah even though an addition may have been for only one day. It does not matter whether you pay it from any account.
Allah Almighty knows best.
Dr. Monzer Kahf
Question Date: 2011-09-17
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