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In the following, how will I pay Zakaah?

Answered according to Hanafi Fiqh by DarulUloomTT.net

 

Assalamu Alaikum,

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.

5/7/16.

This answer was collected from DarulUloomTT.net, which is operated under the supervision of Mufti Waseem Khan from Darul Uloom Trinidad and Tobago.

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