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Zakaah from savings or elsewhere

Fatwaa ID: 867

Question:
For instance, I have to give $50 in zakaat. Do I take it out from the savings/the money I’ve had for a year or I can take it out of my paycheck which I’m about to receive?

Answer:
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

At the outset, we wish to clarify that zakaah is not on one’s savings only. Rather, all zakaatable assets of a person that he owns on his zakaah date will be subject to zakaah even if he only had them for only a day. Zakaatable assets include cash in hand, pocket or spare change, bank balances, savings, cryptocurrencies, foreign currencies, stocks and shares, trade goods, gold, silver and investments.

Nevertheless, when discharging zakaah, it may be given from any wealth one posseses, including that which came into his ownership after the zakaah date. It is not necessary to take it out from the wealth on which zakaah is being paid.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
https://askthemufti.us/

08/24/1444 AH – 03/16/2023 CE | AML1-7331

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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