Annual zkaah.
Mu' meneen Brothers and Sisters,
As Salaam Aleikum wa Rahmatullahi wa Barakatuh.
(May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked
this question:
I want
a clarification regarding zakah. suppose I have Rs. 1,00,000 in my bank fixed
deposit. after one year I paid 2.5 % of he money as Zakah. The
balance left is Rs. 97,500. I do not spend the money and
so this money remained with me for another one year.. Now tell me:
shoul I take out zakah again from this money?
(There may be some grammatical and spelling
errors in the above statement. The forum does not change anything from
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confidentiality.)
Answer:
Annual zkaah
In the name of Allah, We praise Him, seek His
help and ask for His forgiveness. Whoever Allah guides none can misguide,
and whoever He allows to fall astray, none can guide them aright. We bear
witness that there is none worthy of worship but Allah Alone, and we bear witness
that Muhammad (saws) is His slave-servant and the seal of His Messengers.
Indeed, ‘zakah’ has to be paid annually on one’s excess
assets. Assuming that the 100,000.00
cash is one’s only asset, indeed after one year one would be liable to pay its
‘zakah’ at the rate of 2.50%.
If one does not utilize the balance money, indeed in
year-2, one would be liable to pay ‘zakah’ on their balance 97,500.00 at the
rate of 2.50%..
That is precisely why the Messenger of Allah (saws) guided
the guardians of the orphans who had inherited wealth, that they trade with the
orphan’s wealth in order to avoid depletion through the annual ‘zakah’.
Amr ibn Shu'aib reported from his father from
'Abdullah ibn 'Amr that the Messenger of Allah (saws) said: "One who
becomes the guardian of an orphan with property must trade on their behalf,and
not leave it passive, in order to avoid depletion of the property by
‘zakah’."
Whatever written of Truth and benefit is only
due to Allah’s Assistance and Guidance, and whatever of error is of me
alone. Allah Alone Knows Best and He is
the Only Source of Strength.
Your brother and
well wisher in Islam,
Burhan