Q. I would like to find out how do you calculate how much do you have to pay for Zakaat?
A. Zakaah is paid on one’s savings when a year has passed over it. As such, you must look to see the date when you became the owner of a Nisaab and allow one year to pass. After the end of one year, if you are still in the possession of a Nisaab, you will be required to pay 2 ½ % of the entire savings. If, at the end of a year, you do not have a Nisaab, then Zakaah will not be essential upon you. You will have to look in the future to see when you become the owner of a Nisaab again, and check one year from that date.
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.