Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh.  (May Allah's Peace, Mercy and Blessings be upon all of you)

One of our brothers/sisters has asked this question:

Hello,
I live alone, and i have no my own house and a car. But i saved some money.Do i have to give zakah calculated over my saved money.

Thank you for your answer in advance... 

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Answer:

Zakah on saved money

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is no one (no idol, no person, no grave, no prophet, no imam, no dai, nobody!) worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.

If one’s total nett wealth is above the prescribed ‘nisaab’ (about US$1,000.00), then one would be liable to pay zakah on one’s savings or excess wealth provided the amount has been in one’s possession for a period of one calendar year,

There is no zakah liable on the value of the house one lives in, or the car one uses, etc. As long as your total nett assets is above the prescribed ‘nisaab’, and the money you have saved has been in your possession for a period of one calendar year, you would be liable to pay 2.5% zakah on your savings amount.

Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me alone. Allah Alone Knows Best and He is the Only Source of Strength.

Your brother and well wisher in Islam,

Burhan