Who is subject to Zakah ? : help required related to interest and Zakah on children

Fatawa Question

Assalam O Alaikum I am indeed thankful that you always take time to reply my emails. I have gone through your Fatwas available on the website yet I have a question of similar nature. The question is old about interest but the context and concerns are new. The situation is as under: I want to invest some money so that I can have some monthly return and I can meet certain fixed expenditures like children fees etc. The conventional banks give good % age return which is all Riba and Haram as I am committed to follow this. The Islamic banking is becoming popular in Pakistan with Fatawas of Halal from renowned scholars. Now I quote one example from a ………… Bank in Pakistan which runs various Halal deposit schemes based on Mudarabah. The confusing think is that they ask for 7 years deposit to earn good profit equivalent to prevailing interest rate i.e. 10+%. The lesser the deposit period lower is the profit. http://www.meezanbank.com//en/MeezanAmdanCertificate.aspx http://www.meezanbank.com//en/macprofitrates.aspx Sir I know it is not good to ask you to visit their website but don’t you think this is also exploitation. Should I invest in this scheme or not. My second question is : If I put some money in bank in the name of my child now age 3 years, I will also be the legal caretaker till her turning to 18. I will not take any money out of it. What will be the Fatawa regarding Zakah in this case. Do I need to pay Zakah on this as well or when the child grow to puberty or 18 (whichever is valid for paying Zakah) will pay herself ? In the later case she needs to pay till that date or for all previous years. I will be thankful to your answers. Wassalam

Fatwa

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Publication Date

2006-08-28

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-792282

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