Who is subject to Zakah ? : are conventional banks subject to Zakah

Fatawa Question

Assalamo Alaikum While reading Abu Saud s book, Contemporary Zakah, a question came to my mind which I am referring to you for guidance. the question is ; banks in Pakistan are using our deposited money for earning profits out of which they give us minimal profit or interest, if you like to call it, but they themselves do not pay Zakah on their capital in form of deposits, in my opinion Why should because they are the ones who are affecting the GROWTH out of our money and benefiting out business, though may be Riba orientated, thus a big amount of Zakah is not collected and given for poverty eradication, instead why cut Zakah from account holders, all companies are liable to pay Zakah on their profits What is your opinion on this question ? Question of rewarding or not for such Zakah on Riba-based business rests with Allah, swt, alone, but so long as we are doing such business and mailing money out of it, it should be Zakatable money, thus the deposers or account holders will not be liable to pay Zakah on their account. May Allah bless you all. With regards and Salam

Fatwa

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Publication Date

2006-09-10

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-792279

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