Zakat Calculation
  • Question:

    I am an employee. My only zakāh liable asset is my bank account in which I receive a monthly salary. I log every transaction on the account. In this way, I have knowledge of the net gold equivalent that is available with me at the end of the year. Should I calculate the 1/40th of this gold equivalent and then pay its equivalent amount as calculated on the day I pay the zakāh? Or is it sufficient to calculate on the money itself in the account?

    Assalamu Alaikum wa rahmatullahi wa Barakatuh

    Thank you for your question.

    In response to your query, kindly note that you will calculate your Zakāh payable by determining 2.5% (one fortieth) of the total savings you have accumulated at the end of your Islamic fiscal lunar year. This can be rendered either with the amount of your currency or by knowing the gold value. (See Fiqh al Zakāh)

    And Allah knows best.

    Answered by Shaykh Yusuf Badat
    Hadith of the Day Imam
    Imam of the Islamic Foundation of Toronto and Director of Mathabah Institute
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