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Fatwa CenterZakat on Accumulated Money
Question
I'd like to ask a question since you helped me the last time. I've been keeping money from last year; each month I put part of my money aside and now a year later, I'd like to know If I have to pay the ZAKAH on the amount I have a year later or is there another calculation and is it still 2.5%? Who is eligible to receive the Zakat?
Answer
All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad 
is His slave and Messenger.
If the amount of gold has reached 20 mithqal (85 grams of pure gold) then one should pay the ½ mithqal as Zakat. If the amount of silver has reached 200 Dirhams (642 grams), one should pay five Dirhams as Zakat. This is called the Nisaab, i.e the minimum of one's holdings liable for Zakat. Anyone who has more than this is obliged to pay Zakat.
When the money is equivalent to the value of 85 grams gold you should pay Zakat. The monetary value of gold, silver etc. on which Zakat is due can be found by consulting the financial section of the daily newspaper or contacting a local bank, especially on the day the Zakat is due. You have to pay Zakat of your money with two conditions:
1- It should complete the Nisaab.
2- One Islamic (lunar) year should be passed after possessing the money.
As for money you earn gradually, it is better to pay the Zakat after completing a year beginning from the time of first amount you have obtained. This is better for you and better for needy people. If you maintained a calculation and paid the Zakat of every portion on its time, it will be lawful too.
As long as this money is gradually growing up, you may make a specific month for paying Zakat, suppose you make the month of Ramadan a month for you to pay the Zakat. Every year when Ramadan comes, you pay the Zakah of all your money.
Allah has mentioned the categories that are eligible for receiving Zakat.
Allah Says (what means): {Zakat expenditures are only for the poor and for the needy and for those employed to collect [zakah] and for bringing hearts together [for Islam] and for freeing captives [or slaves] and for those in debt and for the cause of Allah and for the [stranded] traveler - an obligation [imposed] by Allah. And Allah is Knowing and Wise.} [Quran 9:60]
Allah knows best.
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