Lets say I have
£4000.00in my savings account as at
01/04/2014. I save
£1000every month after that (may, june etc) and add to the
The saving sum at
If I want to pay Zakat on
02/05/2014, how much of that savings should be taken into account? is it 2.5% of £15000.00?
Do you basically take the final sum after a year and pay 2.5%?
Assalamu Alaikum, May Allah accept this act you intend to embark on. The first condition for Zakat is it reaching the Nisab- the minimum requirement which is determined per country and region. I'd advice you to find out the Nisab for your country. The second condition is it has to have been in your possession for 1 passable lunar year without touching it. The third condition is if the savings is valid for Zakat it is to be given to the categories of people specified in the Quran and it is to be disposed as specified by the Sunnah. I would suggest that you refer to the scholars in your community when your ready to guide you through the process. May Allah make it easy for me and you to discharge of this obligation and forgive me for any error that I may have made in answering your question. Allah knows best.