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No Riba And Zakat On Bank Savings Account
Assalamualaikum,
Please critically analyze by conclusions.
If person deposit money in savings account, What bank is actually doing is giving us token that you can withdraw this amount anytime. The amount showing in our bank account is not actual money.
No one can gave return on loan / investment unless that person is really needy and he likely spent the loan on consumables things, which is for sure riba.
If person or entity is not needy, then the only option for him, to offer or accept the fixed return on investment / loan is to circulate the money and generate return and share the agreed return.
No one can generate return without circulation of money or changing money form into tangible things.
So Return on investment / loan is actually being generated from selling of tangible thing that bought from our investment / loan amount which is then being shared with us. So profit from trading can’t be Riba.
Now, if we have invested / loaned zakatable amount like 50 lakhs, then production Zakat should be applicable on our generated return, 10 percent.
Because money showing in our bank account or app is just token. Real money has changed form into tangible thing that later resold and profit was shared with us.
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3 Replies
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No Riba And Zakat On Bank Savings Account
updated 1 week, 1 day ago
2 Members
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Replies
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Your question is?
How zakat will be calculated on money deposited in saving account and on interest received thereon?
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No, Basically, it is conclusion that depositing money in savings account and earning interest on it is not Riba and 10 percent production Zakat will be applicable on investment amount, not 2.5 percent.
So you need to critically analyze the premises and highlights any flaws.
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Ghamdi sb here suggesting one should avoid that.
https://m.youtube.com/watch?v=uJLQ10tvcHo&pp=ygUdUmliYSBvbiBzYXZpbmcgYWNjb3VudCBnaGFtZGk%3D
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