Is Zakah required every year ? : paying Zakah for each past year and life insurance : paying Zakah for each year

Fatawa Question

Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, Jazakmu Allahu khaira for your help and support. Following with our case, reference number B97EQp, the building saving contract is coming to an end and my wife will get back an amount of money. She will get rid InshaAllah from the interest side as mentioned earlier. The question now is about the Zakat. This account has been alive for five years, does she have to pay the Zakat for each year ? Or just for the final sum ?... Almost same question on the insurance part, my wife wants to cancel it though she will loose the amount that it has been sent for two years. May Allah accept from her. Is she obliged to pay Zakat for the a month that was sent the last two years ? If yes, how ? Knowing that each months an X amount was payed. Knowing that all these money has been paid by her father. May Allah accept from You… For full Fatwa, download the PDF.

Fatwa

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Publication Date

2007-04-11

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

3

Data Type

Fatawa

Language

English

Record ID

BIM-785844

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