I would like to get clarification on a matter concerning my Zakah please. I am currently saving to have costly dental work done also to build a new home. Do I have to pay Zakah on these savings?
In the Name of Allah, the Most Gracious, the Most Merciful.
Zakaah (2.5%) is due on one’s total savings and monies at hand. This includes monies saved for any reason, medical and otherwise. Therefore, Zakaah will be payable on the mentioned savings.
Any fluctuation in the amount during the year will not be considered. 2.5% Zakaah will be paid on the total amount of savings/zakaatable assets (minus debts) on one’s annual Zakaah date.
One’s annual date for discharging Zakaah should be fixed (according to the lunar, Islamic calendar) and whatever is the total of one’s zakaatable assets, (Monies, jewelry, items of trade) on that date, your Zakaah will be paid on that amount.
For more information see http://fatwa-tt.com/zakaah-guide-2022/
And Allah Ta’āla Knows Best
Mufti Arshad Ali
Darul Iftaa, Jaamia Madinatul Uloom (Trinidad)