What is the ruling on zakat for savings that have reached 17,000 US dollars after saving 900 dollars per month from a salary of 1800 dollars, knowing that the saving began with 5,000 US dollars on 13/10/2008, according to the Maliki school of thought?
The questioner must immediately pay on their wealth for the past years. It is not permissible to delay it after it becomes due without a valid excuse.
The Zakat year (hawl) begins when the wealth reaches the , which is equivalent to the value of 85 grams of gold or 595 grams of silver. The Hijri year is used for calculating the hawl.
The value of any installments paid from the wealth must be deducted when paying Zakat. The amount to be paid is one-quarter of one-tenth (2.5%) of all wealth that has completed a hawl.
If the questioner does not know the exact amount of the wealth at the end of the hawl, they must make an effort to determine it, acting upon what their diligence leads them to, while exercising caution for the sake of the poor.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/120031
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 120031
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy