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Rationale For Zakat When Money Loses Value
Bank deposit loose value above 10% each year. This reduced value is shifted to state bank of govt. The interest paid for partial compensation is also taxed at 15%. Then why to pay zakat at 2.5% in this reduced amount.
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Rationale For Zakat When Money Loses Value
updated 3 years, 1 month ago
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Taxes can be counted as zakat and can be deducted from the zakat to be paid. Zakat is on your savings if exceeds a certain amount whatever its value is. The depreciation will also reduce the value of the amount of zakat paid on it.
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I’m not sure what you mean by bank deposits losing value over 10% each year. If you’re referring to inflation then that goes for whether the money is deposited in the bank or not. Also inflation affects everyone and it doesn’t provide a rationale for not paying zakat. I’m also not sure what you mean by interest paid for partial compensation either.
Zakat is a right of the state and an ibadah (worship ritual) for the rest of us. It must be paid without any hesitation according to the law of zakat. For details about the law of zakat, please see:
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