Dear Friends,
Can someone please provide authentic reference for calculating Zakat on Cash in Bank? Is Zakat payable on the present available cash in your bank account or the minimum balance during the past one year? For example, if on 1st of Ramadan I have Rs 1,000,000 in my bank account but the lowest balance during the past one Hijri year was Rs 700,000. Should I pay Zakat on Rs. 1,000,000 or Rs. 700,000?
I searched the internet a lot in this regard and there are different opinions. Muslim websites from Singapore and also from Malaysia saying that Zakat is payable on the Lowest Balance.
I would appreciate if some one can provide authentic references in this regard.
Ramadan Karim to all.
Thank you.
Raheel replied on Saturday, July 21, 2012 09:02 AM
Easiest Formula:
Total assets multiply by 2.5%
and May All Mighty Allah Accepts our Zakat. |
Irfan replied on Saturday, July 21, 2012 10:25 AM
I pay whatever is the balance on my bank as of day of calculations, which can be 1st of Ramadan, every year, 21 first Ramadan every year or whatever you set.
So this way you may pay little advance Zakat, since not ally he cash is more than 1 year but at least be confirmable that you are paying proper zakat and not under and also it is very simple calculation wise, same cant e done for other assets |
Salman replied on Sunday, July 22, 2012 03:24 AM
dear
you would pay Zakat on Rs 700,000 only since this was the money with you whole year.
Islam is very clear on this only to pay zakat for the money kept for whole year |
Mr. Khan replied on Monday, July 23, 2012 06:34 AM
Dear Friends,
Thank you for your feedback. |
