Question:
ASAK,
I want to know how should I calculate the Zakaah,
Last year year my earnings were let assume my bank balance is $10,000 and lets say i paid the Zakaah for it. This year my bank balance is $20,000. How much Zakaah should i pay. Is it for additional $10000 that i earned after paying the last year Zakaah? or Is it for net $20000?
Please educate.
Wassalaam
Answer:
Zakaat will be Fardh on all the money in your possession, e.g. bank balance at the end of your Zakaat year, whether was paid on it previously or not. Therefore the total amount of $20 000 will be liable for Zakaat and not only $10 000.
And Allah Ta’ala knows best,
Qasim bin Hashim Limbada
Attested to as correct by:
Mufti Muhammad Ashraf
Darul Iftaa
Jameah Mahmoodiyah
Springs
16 December 2003
22 Shawwal 1424