Saving For The Hard Times

Question

Am I allowed to save some for rainy days which is excess to my needs in Islam, and if not what is provision of 2.50 per cent of zakah. It may also be explained that how can a society be developed equally by the ratio of 97.50 percent and 2.50 percent. I am a Muslim but very confused.


Answer

Any excess to your needs is considered as wealth and Zakah to the rate of 2.5% will apply to it if it is above Nisab. It is in fact timely and reliable discrimination of Zakah that can help with equal development of a society (just as taxes in developed countries are set for the same purpose along with other purposes).

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