What is the method for paying Zakat al-Mal on the 29th of Ramadan each year, and is Zakat calculated only on the amount that has completed a full year, or on the total amount? Is it permissible to give it to needy parents?

Zakat (definition) must be paid on the amount that has completed a full year (hawl), which is 25,000. It is permissible to hasten the payment of zakat in Ramadan (definition), but it is not permissible to delay it except for a strong overriding benefit. If the amount that has not completed a full year (10,000) is a profit from the first amount, it should be added to it, and both will have the same hawl. Otherwise, a new hawl begins for it from the day it was acquired, and it is permissible to pay its zakat along with the first amount. It is not permissible to give zakat to poor parents because their maintenance is obligatory upon you. Zakat is calculated by taking 2.5% of the wealth if it reaches the nisab (definition) of 85 grams of gold or 595 grams of silver upon the completion of a full year, and the hawl begins from the time one possesses the nisab. It is not permissible to deposit money except in Islamic banks, unless there is an urgent necessity.