Wednesday, March 29, 2023
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Zakaah on savings

Fatwaa ID: 472

Assalamualaikum waramatul lahi wabarkatuhu Sheikh what is the ruling parting a person who had 5million in his serving for a particular purpose not Business can he remove zakat and if yes how much Jazakallahu khair

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

Your question is not too clear. We presume that you are enquiring about savings and whether they are subject to zakaah. All savings, irrespective of purpose or reason, are subject to zakaah. The general rules would apply. You will add the savings to your zakaah calculation and pay 2.5% of the total, where applicable.

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

07/04/1444 AH – 01/26/2023 CE | AML1-6966

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين


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