Fatwa #18306 January 2001Pakistan

Is Zakat to be paid for the same money stored yearly or is to be paid once only?

Question

I recently heared that Zakaat is to be paid for the stored money only once, if any money is added to the stored sum then Zakat is paid for the amount added and not for the amount for which Zakaat was paid last year. Actually I have been always paying Zakaat for my total stored money yearly and I don't know whether the idea I heared is correct. For example: if I had $ 1000 last year and payed $ 25 last year as Zakaat, and suppose the money became now $ 2000, shall I now pay $ 25 for the amount added or shall I pay $ 50 for the total ? Jazakumullahu Khayran

Answer

The recently heared information is incorrect. Zakaat payable on $2000- $1000
of last year and $1000 added amount is $50, not $25.

And Allah Ta'ala knows best

Mufti E. Desai

#14631I go by the mid of Ramadhan as my year end for Zakat purposes. I bought a house on Islamic Finance. I have already paid 10% of the price as a booking deposit. I am expected to pay another 12% by end of December 2006.
#14622Say the nisab of zakat is $1000, and My wife has gold (which she doesn't wear) equal to $500 (throughout the year). She also have some land inheritade from her father, which has not been distributed yet and therefore it's not clear how many meters is her part.
#10277Should I have paid zakat on my accumulated cash. Considering the circumstances, I have been saving to buy a house. And to buy a house was not possible until now.
#3209How should underpaid zakat from previous years be discharged?
#193991. Is zakaat payable on goods and money having had the goods and money for 1 whole year ? 2. Is it on the purchase price or the sale price? 3. Can we discharge Zakat on daily basis?
#12146what is it zakat...Those money were going up and down from $2,000 to $13,000 through out the year. So, do I owe any zakat for 2002.
#13988The value of the pension fund increases more than the £ 3600 each year. Do i pay zakat on the total value of pension fund each year?
#6875I made investment in scheme where it is locked for six-years which can only be released by end of six years. Do I have to pay Zakat on this investment before it is released to me.

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