Please confirm this scenario for Zakah payment:
I have a savings for the past ten years accumulating to about $48000, which is $400 per month I have been saving. I have always had the Nisaab. Last year I paid Zakah on the total savings for the 9 previous years.
I once again have the nisaab this year. Do I have to pay Zakaah on this savings for the accumulation of the 10 years or only for the last year which amount to $4800.00. Please advise. Jazaakallah.
Wa Alaikum Assalaam.
الجواب و بالله التوفيق
You will need to pay Zakaah on the total current savings for only one year (which is the present year).
And Allah Knows Best.
Mufti Waseem Khan.
This answer was collected from DarulUloomTT.net, which is operated under the supervision of Mufti Waseem Khan from Darul Uloom Trinidad and Tobago.