How is zakat on savings paid: is it at the time zakat is due, or after a full year has passed on each saving?
is obligatory on money upon reaching the (minimum threshold) and the completion of one Hijri year (hawl). For someone who possesses nisab of money (equivalent to 85 grams of gold or 595 grams of silver), and then acquires other money not generated from the first:
- If they desire precision: They should assign a separate hawl for each amount and pay its zakat when its hawl is completed. - If they desire ease and simplification: They should pay zakat on all the money they possess when the hawl is completed on the first nisab they acquired. Any additional amount will be considered an accelerated zakat payment. For example, if someone saved nisab from their salary in , they should pay zakat on all their savings in the following Ramadan at a rate of 2.5%.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Original fatwa ID
- 31961
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- . This is when the answer was added to El Fatwa, not the fatwa's date.
- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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