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Zakat on savings account and jewelry

Question: I am seeking some guidance please on how to calculate zakat for money that I have in my saving account. Is zakat applicable to my gold jewelry? بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم In the name of Allah, the Most Gracious, the Most Merciful


It is not permissible to deliberately open such an account that accrues interest. If one’s savings account accrues interest, they should transfer their funds, excluding the interest, into a non-interest account. Also, they should give the interest money in sadaqah without any intention of receiving a reward. (Contemporary Fatawaa: p. 242 [Idara-e-Islamiat])

Zakat is necessary for a sane, Muslim adult who possesses zakatable assets whose value reaches nisab (after deducting one’s liabilities), and one lunar year passes over those assets. Also, the assets are surplus to their necessities of life. As for paying zakat on the money in one’s savings account, zakat will be obligatory on the money if it reaches the nisab, i.e., the value of 87.48 grams of gold (2/15/21: $5,113.20), after deducting debts, and one lunar year passes over it. (Sharhul Wiqaya: v. 2, p. 200-201 [Al-Warraq])

For example, the first time you ever became the owner of nisab was Muharram 1, 1442; thus, your zakat anniversary date becomes Muharram 1. The following year, Muharram 1, 1443, the combined value of your zakatable assets totals $10,000, e.g., money in a savings account/checking account, cash, gold, stocks, etc. Presume the value of nisab was about $5,000 on Muharram 1, 1443. You will subtract any debts then see if you possess the nisab amount. If you own nisab, you will give 2.5% ($250) of your zakatable assets ($10,000) in zakat. If your wealth does not reach nisab, zakat would not be necessary for you. Bear in mind; zakat will NOT be paid on the interest because one does not lawfully own that money.

Zakat will be obligatory on jewelry if it reaches the nisab amount after deducting one’s debts. The nisab for gold is 87.48 grams, and the nisab for silver is 612.36 grams. Gold and silver prices fluctuate; thus, one should consider the price on one’s zakat date, e.g., Muharram 1, 1443, when calculating zakat. An easy way to ascertain the value of one’s jewelry is by getting one’s jewelry appraised by a jeweler (preferably a pious Muslim). Keep in mind; zakat will only be obligatory on the gold and silver of the jewelry. When calculating zakat on jewelry, zakat will not be compulsory on anything apart from the gold and silver, e.g., diamonds, stones, copper, etc. (Al-Hidayah: v. 2, p. 35-39 [Bushra])

Kindly refer to the following link for gold and silver prices:

Only Allah knows best

Written by Maulana Mohammad Ahsan Osmani Checked and approved by Mufti Mohammed Tosir Miah Darul Ifta Birmingham

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