How is Zakat calculated on money and gold? Is it calculated on the principal amount with or without its interests? Is Zakat obligatory on money saved for daughters in bank accounts if it does not exceed ten thousand for each?
The threshold for gold is 85 grams. If a Muslim owns this weight or more, and a full lunar year (hawl) passes while it is in their possession, 2.5% of it must be paid as zakat. The zakat threshold for money follows that of gold; it is calculated by multiplying the price of one gram of gold on the day the hawl is completed by 85. Then, 2.5% of the total amount is to be paid. Zakat on gold, silver, and currency is calculated on the total amount, including any profits, even if a full year has not passed on these profits. As for money saved for daughters, zakat becomes obligatory on it if it reaches the threshold and a full year passes while it is in the ownership of the one for whom it is being saved.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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