Re: another zakat question
Interesting conversation ... I have been looking closely at this very subject ...
Fact 1: The ruling for just paying zakat on the balance at the set date is actually a fatwa for making the calculation of zakat easy ... To be strict it is not the correct way of calculating zakat. But since it will either be exactly right or more than the amount due it is the oft repeated way by the muftis of calculating it.
Fact 2: Since income is not zakatable only saving and that is considered a saving when it matures for a year then and only then is that amount strictly zakatable. So all bubbles throughout the year going up due to a bonus or going down due to a bill payment are not part of the required amount for zakat.
I like the way you describe the two facts and they make sense. I agree with you.
I created a spreadsheet and calculated my zakat one of my accounts several different ways:
If based on the average monthly balance for the past year: 4,981
If based on the lowest monthly balance for the past year: 4,550
If based on the the current balance of my account: 5,658
If based on the fact if I gave zakat every month for 12 mos: 59,777 (12 month total)
Your last paragraph turned on a light in my head.........I never thought of it to do it that way. You have some excellent ideas.