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Fatwa #1405517 March 2006United Kingdom

I have no new income and there is no increment in that money, apart from decrease as I am spending from it - do I still take zakat out of the remainder at the correct time the next year?

Question

If I have savings of let say 30 thousand pounds and I take out the full zakat on it during the year (£750).  During the next year I have no new income and there is no increment in that money, apart from decrease as I am spending from it - do I still take zakat out of the remainder at the correct time the next year?

Answer

You will have to pay Zakaat again next year on the remaining amount of 30,000 pounds if you do not have an equal liability of 30,000 pounds or more. If you have a liability of lesser than 30,000 pounds and the excess is equivalent to the Nisaab of Zakaat or more, then you will have to pay 2.5% or 1/40 of that amount in Zakaat.

and Allah Ta'ala Knows Best

Mufti Ebrahim Desai

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I have no new income and there is no increment in that money, apart from decrease as I am spending from it - do I still take zakat out of the remainder at the correct time the next year? | Fatwa Explorer