The saved money and what is the accepted practice regarding zakah?
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The sixth question of the fatwa number ( 9410 )
Q6: I have money in an Islamic bank, part of it in a savings account and another part in a deposit account. When the profits from the deposit are distributed, these profits are placed in the savings account. Is zakah due on the savings account only, or on both together? What is the method for paying zakah on this? And is it obligatory to take the lunar month as the year for paying zakah? Since I pay it at the end of every Gregorian year, because the Islamic bank distributes profits at the end of the Gregorian year.
A6: It is not permissible to deposit money in a bank with interest, because that is forbidden riba (usury or interest). Zakah is obligatory on all deposited and non-deposited money if it reaches the nisab (the minimum threshold for zakah) by itself or by adding to it other assets such as trade goods, and if a lunar year has passed over it. The accepted year is the Hijri year and the lunar months; the Gregorian year and non-lunar months are not accepted. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q6: I have money in an Islamic bank, part of it in a savings account and another part in a deposit account. When the profits from the deposit are distributed, these profits are placed in the savings account. Is zakah due on the savings account only, or on both together? What is the method for paying zakah on this? And is it obligatory to take the lunar month as the year for paying zakah? Since I pay it at the end of every Gregorian year, because the Islamic bank distributes profits at the end of the Gregorian year.
A6: It is not permissible to deposit money in a bank with interest, because that is forbidden riba (usury or interest). Zakah is obligatory on all deposited and non-deposited money if it reaches the nisab (the minimum threshold for zakah) by itself or by adding to it other assets such as trade goods, and if a lunar year has passed over it. The accepted year is the Hijri year and the lunar months; the Gregorian year and non-lunar months are not accepted. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.