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?
Yes you may make a best estimate of your lowest balance in the year based on a figure you are most certain of since there is no document to help you in this. On another note, you may wish to call your bank and enquire if you can obtain your transactions for a specific period.
Related questions
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?
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 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?
Will I get a receipt for my Zakat contribution through Giro?
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