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Please clarify if I am right/wrong in calculating my zakah. I simply calculate approximately my zakah 2.5% on the total amount (balance in bank+ current value of the investments in stocks/mutual funds + provident fund balance) currently at the month of Ramadan regularly. I had read a Hadith in which the Prophet Muhammad PBUH had said that the excess zakah paid is just like that no zakah was paid.

Answered according to Hanafi Fiqh by Darulifta-Deoband.com
Please clarify if I am right/wrong in calculating my zakah. I simply calculate approximately my zakah 2.5% on the total amount (balance in bank+ current value of the investments in stocks/mutual funds + provident fund balance) currently at the month of Ramadan regularly. I had read a Hadith in which the Prophet Muhammad PBUH had said that the excess zakah paid is just like that no zakah was paid.

Answer

(Fatwa: 149/125/B=1433)

We could not find any such hadith. It is right to pay 2.5% as zakah.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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