Zakaat upon savings

Category: 

Zakaat & Charity

According to Madhhab: 

Hanafi

Reference: 

1440-033

Question:

I live with my parents and i'm working also. Whatever salary I get, I save that. and so, I do not have to pay for any other expenses. 1 year has passed and the savings are still in my possession. I would like to know whether i'm liable to pay Zakaat on the savings I have. JazaakAllah.

Answer:

If you are Baaligh and have maintained the Nisaab for a complete lunar year from the point of acquiring the Nisaab (for the very first time) then yes, you are liable to pay Zakaat on your savings.

AND ALLAH TA’ALA ALONE IN HIS INFINITE KNOWLEDGE KNOWS BEST

ANSWERED BY: Mufti Mohammed Desai
CHECKED AND APPROVED BY: Mufti Muhammed Saeed Motara Saheb D.B
Darul Ifta Azaadville