Please confirm this scenario for Zakah payment:
I have a savings for the past ten years accumulating to about $48000, which is $400 per month I have been saving. I have always had the Nisaab. Last year I paid Zakah on the total savings for the 9 previous years.
I once again have the nisaab this year. Do I have to pay Zakaah on this savings for the accumulation of the 10 years or only for the last year which amount to $4800.00. Please advise. Jazaakallah.
Wa Alaikum Assalaam.
الجواب و بالله التوفيق
You will need to pay Zakaah on the total current savings for only one year (which is the present year).
And Allah Knows Best.
Mufti Waseem Khan.