Two years ago, I was a student in Britain. I used to receive my academic grant through a bank account which gave basic interest on the funds available in the account.
In case if a person saves some money from his salary each month and at a time it reaches the amount of Nisab for Zakah, how will be Zakah calculated in it?
I have been working for the last 32 years. Although Islam urges Muslims to pay Zakah on their savings/excess on expenditure, I have been paying 2.5% or more on my total earnings every year, and still continue to do so. Kindly enlighten me; do I have to still pay Zakah on my belongings (house, household items, vehicle, gold, etc.) which have been assigned to my wife and children although I’m still paying on my earnings year by year?