Zakat on a fixed deposit account
Fatawa Question
I have around 8000 pounds in a fixed deposit in an Islamic bank. My money is taken for 2 years and invested in Halal things and then at the end of the two years my money is returned to me with profit InshaAllah also added to it. However I cannot access or withdraw any of the money from the account for the 24 months. Do I have to pay Zakat on it ? The money I do have access to (ie : my spending money) is below the Nissab as I still live with my parents and am a student. I have read that because I cannot access the bank money I do not have to pay Zakat but that when I get possession of the £ 8000 again I should pay the Zakat for one year. Is this correct ? I am unable to pay the Zakat at the moment if I have to pay the Zakat for the money in the fixed account as my current account doesn’t have the money.
Fatwa
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Publisher
al-Qalam Shariah Scholar Panel
Publication Date
2016-10-21
Country of Publication
United Kingdom
Main Subjects
Economy and Commerce
Religion
Law
Islamic Studies
Topics
No. of Pages
1
Data Type
Fatawa
Language
English
Record ID
BIM-727278
American Psychological Association (APA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2016-10-21. Zakat on a fixed deposit account. . Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-727278
Modern Language Association (MLA)
al-Qalam Shariah Scholar Panel (Manchester, England). Zakat on a fixed deposit account. Manchester England : al-Qalam Shariah Scholar Panel. 2016-10-21.
https://search.emarefa.net/detail/BIM-727278
American Medical Association (AMA)
al-Qalam Shariah Scholar Panel (Manchester, England). 2016-10-21. Zakat on a fixed deposit account. Manchester England : al-Qalam Shariah Scholar Panel.
https://search.emarefa.net/detail/BIM-727278
