zakat question

Tabassum07

Tabassum07

Smile for Allah
:salam2:

I am so confused. I'm calculating my zakat for the first time in my life. Okay, so I have held my gold for a year now, which makes me nisaab. So I have to also calculate my zakat on all my other savings.

So I was calculating the numbers in one bank account, and I'm confused as to how much balance I should take into account.

Um.. In November of 2009, I had $1500 in there. And its fluctuated up down throughout the months, and right now the balance is $2900. Zakat is paid on money that has been held for one year, so how do I know how much I should calculate on? Should I calculate zakat on the 2900 or the 1500 or the average or what??
 
T

The_truth

Well-Known Member
Tabassum07 said:
:salam2:

I am so confused. I'm calculating my zakat for the first time in my life. Okay, so I have held my gold for a year now, which makes me nisaab. So I have to also calculate my zakat on all my other savings.

So I was calculating the numbers in one bank account, and I'm confused as to how much balance I should take into account.

Um.. In November of 2009, I had $1500 in there. And its fluctuated up down throughout the months, and right now the balance is $2900. Zakat is paid on money that has been held for one year, so how do I know how much I should calculate on? Should I calculate zakat on the 2900 or the 1500 or the average or what??
Click to expand...

Asalaamu Alaikum Wr Wb, this may help:

http://islam1.org/iar/imam/archives/2004/12/30/zakatulmal_zakat.php
 
Tabassum07

Tabassum07

Smile for Allah
From what I understood, my zakat would be calculated on the 1500 only. Is that right?

Waiting for more confirmation.
 
Tabassum07

Tabassum07

Smile for Allah
Jazak Allahu Khayr, brother :)

Just to make things a little clearer. Suppose then, for next year, if right now the balance is $2900, and a year later it becomes $5000, then I pay only on $2900?

And then, suppose if right now the balance is $2900, and a year later it becomes $1000, I would probably pay on the $1000, right?
 
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