Zakat Expert

Q: Is Zakat due on savings for which Zakat was paid the previous year?

A: Yes, zakat is due on savings for which one has already paid zakat on from the previous year. Zakat is an annual obligation and every year on one’s Zakat anniversary, all the Zakatable assets are included in the calculation.

Example

Year: 2019

Savings:

Cash: £5000

Gold: £4500

Silver: £3700

Total Savings: £ (5000+4500+3700) = £13,200

Zakat @ 2.5%:  

2019: £13,200 x 2.5% = £330 (Zakat)

 

Year: 2020

Cash: £500

Gold: £1000

Silver: £200

Total Savings: £(500 +1000 + 200) = £1700

Zakat @ 2.5%

2020: £1700 x 2.5% = £42.50 (Zakat is still due as the total savings exceeds the nisab for silver being approximately £287.69 at the time) 


And Allah knows best.

Reviewed on: 11/10/21

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