Assalamu’alaikum Mufti Saab,
Jazakallah Khair for this wonderful website. May Allah Ta’ala make it a means of Barakah Inshallah, Ameen.
I am a 17 year old baligh male highschool student. I have recently opened a free youth account at the bank. Whatever money I get throughout the year as gifts, eid money, etc. I deposit it at the bank. I don’t have a job to provide for myself as I live with my parents. I just use it occasionally here and there, but mostly all year round the money just sits in the bank. Is Zakaat Fardh on me with this money?
If the answer is yes, how much Zakaat is Fardh on me? I have never paid Zakaat myself so I don’t know.
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
If the money in the account is equivalent to or more than the minimum Nisab of Zakat and you do not have any debts equivalent to or more than the amount you have, then Zakat is compulsory at 2.5 % of the total amount you have on condition the amount was in your own account for one whole lunar year.
You should enquire from your local Islamic organization on the minimum Nisab of Zakat in Canadian Dollars.
And Allah knows best
Wassalam
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah