Question ID: 18343
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AsalaamuAlaikum

1. When does zakat period end? Ie when should it be given?
2. Is zakat due on rent money? The moeny goes towards mortgage and repairs?
3. If bank pays interest on savinv accounts i calculate all interest for the year and take this out and put it on top of zakat so I don’t keep interest moeny as its not mine. I donate it.
4. When I calculate zakat do I need to minus the interest and then what is left of my money do the 2.5% of only my money EXCLUDING with the interest money.
5. A different question: bank charges me money for going overdrawn and charges me money to have business account, so can I keep the interest and put it towards these charges? And if after calculation there’s extra Interest moeny can I donate This?
6. 2.5% is 0.025 correct?
7. How do I do the zakat on gold silver? Is it on the price I bought it or on the weight please give me example. 😀

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Asked on November 26, 2015 3:00 am
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Private answer

1) Within the year;
2) Yes minus that;
3) Donate without intention of reward;
4) Yes;
5) No – cannot use interest to pay off bank charges;
6) 2.5% is correct;
7) On the current market value.

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Answered on December 10, 2015 2:04 pm