How do I calculate Zakat on Savings for my multiple accounts? Can I take the lowest amount from each of my account books and take 2.5% as my Zakat on Savings?
Calculation which takes the lowest amount in each account and then multiplying 2.5% of it is not accurate because there is a possibility that the lowest amount in each account would fall below the nisab value (and thus not liable for Zakat) but in actuality when summed up would exceed the nisab value (and thus liable for Zakat).
Related questions
I have a combination of savings, shares and insurance. Do I sum them up all, check if it exceeds the nisab, and if yes, I take the net values then times 2.5%? Or do I do the calculation individually on each asset class?
Which day of the month should I take to calculate my Zakat on Savings? Every end of the month? During payday? Every start of Islamic month?
I would like to ask about Zakat on Savings. Currently I do not have an account book. As such, can I estimate on my lowest bank balance for Zakat?
How does one calculate the zakat for shares?
Need more help?
Get in touch