Zakah on money that reaches the Nisab and one Hawl has passed on it

Q 3: A person has banknotes of a thousand naira in his private possession. Is it Wajib (obligatory) for him to pay Zakah (obligatory charity) on it? What is the amount of Zakah due according to the Four Madh-habs (Hanafy, Maliky, Shafi`y, and Hanbaly)?

A: Zakah becomes due on this money if it reaches the Nisab (the minimum amount on which Zakah is due) and a Hawl (one lunar year calculated from the time a property reaches the minimum amount upon which Zakah is due) has passed on it. At this time, one quarter of one tenth (i.e. 2.50%) of it should be given as Zakah.May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.