Bank profits and the zakah on money deposited in them
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Question:
Abdullah Muhammad asks about money deposited in banks that accrues interest. Is the interest forbidden or lawful? And is zakah due on the money in this case?
Answer:
Zakah is due on the money if it reaches the nisab and a lunar year has passed over it. As for bank interest, it is riba (usury or interest), and he should not take it. He should not take it. If he takes it and gives it to those in need without benefiting from it himself, there is no harm. Yes.
Abdullah Muhammad asks about money deposited in banks that accrues interest. Is the interest forbidden or lawful? And is zakah due on the money in this case?
Answer:
Zakah is due on the money if it reaches the nisab and a lunar year has passed over it. As for bank interest, it is riba (usury or interest), and he should not take it. He should not take it. If he takes it and gives it to those in need without benefiting from it himself, there is no harm. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، برنامج (فتاوى) (165) لمعالي الشيخ صالح الفوزان بتاريخ [1439-07-18] - كبار العلماء — youtube.com (24:55)
The Arabic text is a machine transcription of the audio recording.