Re: Retirement account and buying car
Peace
Some calculations they may be a bit off due to some assumptions. Here I have assumed that if people are willing to give up to 25% of their monthly salaries in zakat ... And May Allah (SWT) be pleased with that, then they can have a maximum saving based on a given monthly wage. To use the table scroll down the salary until it meets your amount and check to see what amount you can save up to without you having to pay more than 25% of your monthly earnings.
Salary per month ... Max. Savings for **2.5% **not 25% of salary going to zakat 2000 ... ... 240000 2500 ... ... 300000 3000 ... ... 360000 3500 ... ... 420000 4000 ... ... 480000 4500 ... ... 540000 5000 ... ... 600000 5500 ... ... 660000 6000 ... ... 720000 6500 ... ... 780000 7000 ... ... 840000 7500 ... ... 900000 8000 ... ... 960000 8500 ... ... 1020000 9000 ... ... 1080000 9500 ... ... 1140000
***You meant 2.5% Right,
zakat is always 1/40th of your savings 1/40 = 2.5%***