Re: Zakat - Question
It is a fairly involved calculation to do this:
Let's say we have $X saving for 1 year @ month number 1
Therefore Total Zakat @ Month 1 = $0.025X
Split for first month = $0.0020833X
Remainder zakat not paid goes back into the saving and hence for month no. 2,
We have ($0.9979167X + $Y) * 0.025 = Total Zakat to pay by month no. 2
where $Y is equal to the amount saved for 1 year, plus the amount of zakat left from the previous month, which is now 1 year but plus 1 month overdue)
And so on