Fatwaa ID: 1652
Is it necessary to distribute the Zakah for every year? I mean; I purchased 1kg of gold for my savings, should I pay Zakah 2.5% for the first year or should I pay every year for that? (The gold is an example)
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.
MaaShaaAllaah! May Allaah Ta’aala place barakah in your wealth.
You must pay zakaah on your gold every year starting from your upcoming zakaah date. This will be the case even if your zakaah date comes soon after your purchase. You do not need to hold every asset for an entire year. When your zakaah date comes, you will add together all the zakaatable assets that you own, including the new gold that you purchased, and pay 2.5% of the total. You will do this every year.
And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
02/01/1445 AH – 08/18/2023 CE | AML1-8212
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 askthemufti.us 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.