Monday, April 15, 2024
No menu items!

Zakaah on cash

Fatwaa ID: 1044

Assalam O Alaikum Wa Rehmatullahy Wa Barakatuhu

What is the eligibility criteria for Zakat on Cash in hand or bank account?
Does that cash has to be with you for more than a year or anything you have in hand as of today is eligible for Zakakt ? Also if I sold my car and currently have that cash in bank does that also qualify for zakat ? As I am going to use that cash to buy another car for day to day use. Currently I don’t own a car

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

Any and all cash that you have on your zakaah date, irrespective of whether it is in your hand, in the bank or elsewhere, will be subject to zakaah. It is not necessary to have held each and every dollar for a year. As long as you possessed nisaab at the beginning and at the end of the year, everything you own on your zakaah date will be subject to zakaah even if you had it for a day. Similarly, if you possess the proceeds from the sales of your car on your zakaah date, that too will be subject to zakaah.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين


Darul Iftaa New York answers questions on issues pertaining to Shari’ah. These questions and answers are placed for public view on for educational purposes. The rulings given here are based on the questions posed and should be read in conjunction with the questions. Many answers are unique to a particular scenario and cannot be taken as a basis to establish a ruling in another situation. 

Darul Iftaa New York bears no responsibility with regard to its answers being used out of their intended contexts, nor with regard to any loss or damage that may be caused by acting on its answers or not doing so.

References and links to other websites should not be taken as an endorsement of all contents of those websites. 

Answers may not be used as evidence in any court of law without prior written consent of Darul Iftaa New York.