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Zakat On Fixed Deposit Islamic Bank
Assalamu alaykum Sheikh I have a question regarding zakat. I have deposited my money of 1 crore in an islamic bank so do I have to pay the zakah on the whole amount(Capital amount) or the profit Only (monthly) however i dont have any jobs or business plus if i have to give zakah on the capital amount (1 crore) wont I lose 2.5 lakhs every year?
Thank you
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1 Reply
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Zakat On Fixed Deposit Islamic Bank
updated 1 year ago
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Please see the following thread for details on Zakat on Investment and feel free to post a follow-up question here in case of any confusion:
But if one is genuinely facing a situation where either he feeds his family or pays zakat then Zakat will be considered waived. Please refer to the following thread:
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