Fatwaa ID: 1044

Question:
Assalam O Alaikum Wa Rehmatullahy Wa Barakatuhu

Question:
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

Answer:
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
askthemufti.us

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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