zakah matter, quickie

Q: I keep my money in the bank, my salary goes into my bank account every month and my expenses are also from the same account. So money come and go from the account. In that case how do I calculate the amount of money which stayed in the account for one year to calculate Zakat. 2010/08/26 at 3:28 PM from comment box)

Answer:Here is a scenario you can use. It would not eliminate previous year(s) of zakah one owes to eligible poor:
By way of example,
point1) for the Islamic dates as it pertains to 1430 and 1431 you must calculate as accurately as possible the amount you owe between the Islamic date of 1430 and 1431.
point 2) You would calculate monies in this account and calculate the value of all your zakatable assets that remained in your possession at nisab rate for the time period of time of 1430 and 1431.
point3) If from a million dollars your zakatable assets dropped to 10 000 on the day due, then you would give zakah that would be owed on 10 000 only. Likewise, if you had 10 000 last year and this year three days prior to the due date you got a million, then likewise, you would pay on the amount due on this one million.
May you be blessed with the purification of your halal earnings, Ameen.
Allah Certainly knows Best.


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