Paying zakat on wealth in monthly installments
Is it permissible to pay my zakat on wealth in monthly installments? Please note that since I had previously refrained from paying zakat, its sum has accumulated over the years.
It is established in Islamic law that zakat on wealth is one of the five pillars of Islam. It is an individual duty that becomes obligatory upon every Muslim when it meets its conditions, the most important of which are:
- the possession of nisab (minimum sum upon which zakat is due);
- the payer must not be indebted;
- one lunar year passes over its possession.
The nisab prescribed by Islamic law is the cash equivalent of 85 g of 21 carat gold.
If the above conditions are met, the inquirer is required to pay 2.5% for every year on the amount he possesses.
There is no objection if the inquirer pays zakat in monthly installments. He is to prepare a final account at the end of each year and then pay any outstanding zakat to absolve himself of any liability and to conform to the obligation imposed by Allah the Almighty.
The above answers the question and Allah knows best.