Question Summary:
My question is about how to calculate the zakat for earning and savings in the bank?how much money should i have had received before i am entitled to pay zakat for both

Question Detail:

My question is about how to calculate the zakat for earning and savings in the bank?how much money should i have had received before i am entitled to pay zakat for both of the mentioned thing..Thanx for answering my previous question.May Allah increase His blessings and mercy on the ulemas who are relentleslly propagating and protecting ISlam in its pristine form..wassalam.JazakallahuKhair.

Answer :

In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
Zakat is compulsory on a Sahib Al-Nisab. A Sahib Al-Nisab is one who possesses the Nisab of Zakat (a required amount of money or assets that qualifies a person liable of discharging Zakat). At present in () the Nisab of Zakat is approximately (R.3311.25). Therefore the person who possesses this amount of cash/assets for a complete year, will give two and a half percent of its total in Zakat.
The standard Nisab of Zakat is Two Hundred Dirhams (silver coins) equivalent to 612.35 grams of silver or Twenty Mithqals of Gold equivalent to 87.479 grams of gold or any currency that equals the value of this amount of gold and silver. If this amount of wealth remains in a person’s possession for a complete year, then on the expiry of this year it will be Wajib on him to give Zakat of two and a half percent of the total. If his wealth is lesser than 612.35 grams of silver or 87.479 grams of gold or its equivalent amount in currency then Zakat will not be Wajib on him. (Baheshti Zewar, Vol. 1 Pg. 297, Zam Zam)
Zakat is compulsory on cash, assets etc. which are in a person’s possession for an entire year. However, if perchance a person has liabilities on his cash etc. which if calculated will not qualify him as a Sahib Al-Nisab, then in such a case he will not be liable of discharging Zakat.
And Allah knows best
Wassalam
Ml. Safraz Mohammed,
Student Darul Iftaa
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah