How do we calculate the zakat for variable amount of money?

I have to give zakat of my money after I own it for one year. But, the amount of money changes within the year. Which amount of the money should I use to calculate the zakat?

Zakat is an annual worship. It is calculated once every year and its zakat is not necessary to be calculated until the same month in next year. The basis of year for zakat is the lunar year, which lasts 354 days. Therefore, you should have a specific lunar date for calculation of zakat every lunar year. This should be the time when you became responsible for zakat for the first time. That date is supposed to be the end of year for you. You subtract your payables and add your receivables to the amount of money, goods, gold, silver etc. you own to determine your wealth. You give the 2,5% of this wealth as zakat.  So, you wouldn’t have to consider which of them you own for one year or not.

Share on FacebookShare on Twitter
Date: Aug 27, 2011