Can you please tell me how do i go about calculating how much zakaah i am required to pay on my savings? Is it 2% of my savings? And can i give this money to any imaam or member of a masjid?
Wa Alaikumus Salaam,
Zakaah is paid on one’s savings when a year has passed over it. As such, monies that you may receive as a salary on a monthly basis and then spent on needs and necessities will not be subjected to Zakaah. Whatever you have put aside, and have no need for its use immediately, and you consider it to be your savings, will be subjected to Zakaah. If your savings have reached the nisaab or above, and a year has passed over it, then you need to pay 2 ½ % of the total amount in Zakaah.
This money which is paid is given to the poor and needy Muslims and those who are deserving recipients as highlighted in the Quran. If you are able to give it to those who are deserving of Zakaah, then you should do so. If you wish, you can also give it to a masjid or an Islamic Organization so that they may distribute it to the deserving ones.
And Allah Knows Best
Mufti Waseem Khan