Do I have to pay Zakah on money that I have only had in my possession for 2 months ?

Fatawa Question

Do I have to pay Zakah on money that I have only had in my possession for 2 months ? I am a retired government servant and receive a pension. Besides this, the only other source of my income is rent I receive from a house. I live in another house which I own. I calculate my Zakah on the 1st of Ramadhan. I receive my yearly advance of rent on 01 June every year which I did this year too. The month of Ramadhan this year started on 02 Aug. Before the start of Ramadhan this year I bought a car (as I did not have one) and married my daughter, the two main areas of expenditure. I am now left with an amount which would barely suffice, including my pension, to meet my household expenses for the year till June next when I would receive my next year rent. My question mainly pertains to calculation of Zakah on the money I have in the bank which is there only for a couple of months, as against one Lunar month on which Zakah becomes due. Should I calculate Zakah on the amount in bank or since it was with me for only two or three months and hence it is Zakatable, besides, of course, that it would barely suffice for my usual household expenses ?

Fatwa

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Publisher

al-Qalam Shariah Scholar Panel

Publication Date

2011-08-24

Country of Publication

United Kingdom

Main Subjects

Economics & Business Administration
Religion
Law
Islamic Studies

Topics

• Islamic jurisprudence
• Islamic economics
• Money
• Alms tax

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-727363

• APA
• MLA
• AMA