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Fatwa CenterZakah on money
Question
I am 22 years old student here in the US, I've been here for 7 years. I work as part time and I've saved about 14000 dollars till now, for marriage and other things? Do I have to give Zakah on my money?
If so, how much should I give on 14000 dollars?
Answer
All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad 
is His slave and Messenger.
Zakah is an obligation like the prayer and fasting, and it is the third pillar of Islam. The Prophet said: "Islam is based on (the following) five (principles):
1. To testify that none has the right to be worshipped but Allah and that Muhammad is the Prophet of Allah.
2. To offer the (obligatory congregational) prayers dutifully and perfectly.
3. To pay Zakah (i.e. obligatory charity).
4. To perform Hajj (i.e. Pilgrimage to Mecca).
5. To observe fast during the month of Ramadan".
Therefore, any Muslim who owns the Nisab (Minimum amount liable for Zakah), which is 85 grams of pure gold or its equivalent and a whole Islamic year elapses on it (after owning it), he is obliged to pay the Zakah. Hence, when you calculate the amount of Zakah due on gold, for example, you should check the newspaper to see the price of gold for that day. Here in Doha today, gold is worth QR 8.86 per one gram, so 85 grams would be worth QR 753.1 which is the Nisab for 85 grams of gold or its equivalent, i.e. QR 753.1 in savings, etc. The Zakah on the Nisab and the entire amount which exceeds it is 2.5 percent after it has been owned for a whole lunar year.
Allah knows best.
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