How to Pay Zakah from Deposited Funds
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Q: From 'Abd al-'Aziz ibn 'Abd Allah ibn Baz, to the honorable brother, may Allah guide him to all good. Amen. Peace be upon you, and Allah's mercy and blessings. And after:
Your letter has reached us, may Allah guide you, and what it contained was clear: you inform us that you save a sum of money each month, which varies from month to month, in the trust account at the bank, and you do not take any interest on it due to your deep belief in its prohibition. The deposit in the bank is solely for preservation and security. Your question regarding how to pay zakah on these deposited funds, since some of them have been in your possession for a year and others for less than that, was clear.
A: It is well known that zakah is not obligatory except on wealth that has completed a lunar year of possession. What I see in this matter is that you should keep a record with you, noting down what you deposit in the bank as it happens, so that you know the date you acquired the money. This will make it easy to determine which portion has completed the lunar year. If it is possible to deposit the aforementioned money somewhere other than the bank, that is better, because most banks deal in usurious transactions, and depositing money with them assists them in their evil work. May Allah guide us and you to what He is pleased with.
And peace be upon you and the mercy of Allah and His blessings.
Your letter has reached us, may Allah guide you, and what it contained was clear: you inform us that you save a sum of money each month, which varies from month to month, in the trust account at the bank, and you do not take any interest on it due to your deep belief in its prohibition. The deposit in the bank is solely for preservation and security. Your question regarding how to pay zakah on these deposited funds, since some of them have been in your possession for a year and others for less than that, was clear.
A: It is well known that zakah is not obligatory except on wealth that has completed a lunar year of possession. What I see in this matter is that you should keep a record with you, noting down what you deposit in the bank as it happens, so that you know the date you acquired the money. This will make it easy to determine which portion has completed the lunar year. If it is possible to deposit the aforementioned money somewhere other than the bank, that is better, because most banks deal in usurious transactions, and depositing money with them assists them in their evil work. May Allah guide us and you to what He is pleased with.
And peace be upon you and the mercy of Allah and His blessings.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.