• In The Name Of Allah, The Most Beneficent, The Most Merciful

Common Misconceptions:8. So Zakat is due on your savings that have been in your bank for a minimum of 1 year?

Yes, Zakat will be due on the minimum balance in the bank over the period of one lunar year (Haul – it is approximately 355 days), provided the balance did not go under the amount of Nisab.