Zakat On Savings
Question
Hello, I have been unemployed since before the pandemic (nov, 2019). I had unemployment compensation from the state (EDD) soon after, and it was extended due to the pandemic, for one additional yr. I have a savings from my previous job. I have two savings, one checking. It is joint therefor if my checking doesn’t have sufficient funds due to bills and necessities, it takes from one savings, automatically(to avoid overdraft fees). And the second savings account is untouched. Do i pay zakat on my total amount in the bank or just the one that is untouched for over a year? I hope I made sense please advise. JazakAllah.
Answer
Zakat is paid on all the cash, gold, silver and trade stock one owns on their zakat date. Hence, all the cash in your accounts will be zakatable regardless of which account it is in and regardless of how long you have kept it for.
Please see the following videos for clarification on calculating a zakat date.
Answered by:
Ifta Research Fellow
Checked & Approved by:
Mufti Abdul Rahman Mangera
Mufti Zubair Patel
Source:
https://fatwacentre.org/zakat-charity/zakat-on-savings/