[Zakah on cumulative savings]

Fatawa Question

As-Salamu `Alaykum 1-If I put $ 100 in a saving account every month starting January 1st, on December 31st it's been a year. Should I pay 2.5 % of the $ 1200 (what I usually do) or can I pay each month 2.5 % of $ 100 ? 2-Can I take the Zakah amount from my checking account with the intention of paying my Zakah on my saving ? Note that the checking account is not meant to save. Whatever is there is for personal use and is used within months. Jazaak ‘Allah Khairan.

Fatwa

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Publication Date

2012-03-20

Main Subjects

Financial and Accounting Sciences
Islamic Studies

Topics

• Islamic jurisprudence
• Alms tax

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-733150

• APA
• MLA
• AMA