The general issue of calculation of Zakaat?

Answer By Dr Zakir Naik,There are 2 methods how Zakaat can be calculated because Zakaat is payable when you have it for one year. So you can keep a daily record of what is your wealth above the Nisab level, you can keep a weekly record or a monthly record so then whenever the Nisaab level is above, note down the date. On first of January what was the Nisaab you had, second of January, what you have.
So what you had in the first of January say first of January 2007 so first of January 2008 it will be liable for Zakaat then what you had on second of January calculate it then 3rd of January or on weekly basis or on monthly basis but to keep a record of all this is very difficult. Then you’d be spending half the day in keeping the record which will be difficult so it’s not practical at all.The easier method and the safe method where mistake, InshaAllah, will be avoided, is picking one particular day in the full year and calculate it exactly one year after that. Most of the people before Ramadhaan because it is the month of charity, you will get more blessings and more rewards but Ramadhaan is not the only month that you have to pick up, you can pick up any day of the year but it should be calculated according to the Hijri calendar not according to the Solar calendar. So 1st of January 2007 to 1st of January 2008 the date is wrong. It should be first Shaabaan or first of Hajj but since Ramadhaan is the most pious month, 1st of Ramadhaan you can take or any day of Ramadhaan, if you take 1st of Ramadhaan calculate all the assets that you have and next year if its 1st of Ramadhaan 1420 Hijri, then 1st of Ramadhaan 1421st Hijri you should see what amount you have. Now if you calculate only on one day and see exactly 1 Hijri year later, on lunar year later, it is the safest method there can never be any possibility that you will give less Zakaat. There can be high chances you may give more Zakaat but never less, why? If you keep on calculating daily then the level keeps on going up and down but if you calculate one particular day of the year whichever day you pick up and if that happens to be the lowest collection, the lowest savings in the full year yet you are paying the minimum amount of Zakaat. Say on the 1st of Ramadhaan you have 100,000 rupees as saving or 100,000 dollars as saving ands that happens to be the lowest saving in your full year yet since it’s the lowest you have to pay Zakaat on what you possess one full year, you have to pay 2½ thousand rupees or 2½ thousand dollars on that amount, its safe but it may be that it is the highest saving of the full year. So here itself you may be paying more Zakaat but you wont be paying less but some people may think O it is the highest saving that means I am paying unnecessary more amount there are chances you may pay more but there are no chances you’ll pay less because even if it is the highest and if you think that you will try and catch the lowest point, the lowest point will keep on changing, it may be in the month of Shabaan, it may be in the month of Rajjab, may be in the month of Hajj and then if you try and catch that point, next rate will again change. So if you try and catch that point there are high chances you’ll pay less Zakaat so best is to pick up one point, one day in the full Hijri calendar and keep on taking that every year and you will be rest assured that you will never pay less Zakaat, you may pay more. Because if the wealth keeps on fluctuating up and down you have to pay on what amount you posses for the full year.