Assalamulaikum!! I need some guidance regarding how to calculate zakaat on my bank account. I calculate my Zakaat every year on the next day of Eid ul Fitr. Should I calculate Zakaat on: the amount that I have in my bank account on the day I am calculating zakaat? OR The amount that stayed in my account for the whole lunar year (in other words, the minimum balance in my account during that lunar year)? I ask this question because the balance in my account keeps changing throughout the year. I would appreciate your help on this matter. JazakAllah!
Answer:
(Fatwa: 1367/271=TL/1429)
In the matter of zakah, only the beginning and end is countable i.e. by the time a person owns nisab, there will be zakah on the amount available after passing one year provided it is not less than the amount of nisab. Financial fluctuation during the year will not be counted. Therefore, you will have to give zakah on the amount left in your account.
Allah (Subhana Wa Ta’ala) knows Best
Darul Ifta,
Darul Uloom Deoband