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Owe Zakah on 3 lakhs premiums? How much, how pay?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
I am a private company worker, I have taken policy and have to pay premium of rupee one lakh per year. I have paid total 3 premiums i.e. 3 lakhs and total premium is 5. Do I have to pay zakah? If yes, then how much? Also I cannot pay immediately so let me know the way.

Answer

(Fatwa: 1403/891/L=1433)

In the case mentioned above, when the zakah of your other wealth shall be wajib on you on the same day the zakah of these savings shall also be wajib. Zakah is 2.5% i.e. 2.5 rupees in 100 rupees. Pay your zakah accordingly. Also it is not necessary to pay the zakah immediately at a time; you can pay your zakah gradually.

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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