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Q 11: How can a Muslim estimate the Zakah (obligatory charity) due on the sum of money he saves at the end of the year?
Page 18
A: A Muslim should pay Zakah on money and commercial commodities when a full lunar year passes. For example, a Muslim should pay Zakah in Ramadan on the money, when it is Nisab (minimum amount of money on which Zakah is due), that he owned from the last Ramadan and so on. There is no harm if he wants to pay Zakah before a lunar year has elapsed for which he will be greatly rewarded. However, it is obligatory upon him to pay it when a lunar year elapses.