The ruling on money deposited in an Islamic bank is the same as the ruling on other types of wealth
Machine translationRead the Arabic original
Q: As is well known regarding the zakah of wealth, a person pays it on wealth that has been possessed for a lunar year; such as trade capital, crops, and gold and silver.
But we want to know about the zakah on the nisab of money deposited in an Islamic bank. Is it the same rate, considering that the profit rate from this bank is very small?
A: The ruling on money deposited in an Islamic bank is the same as the ruling on other wealth that is subject to zakah if a lunar year has passed over it along with its profit. The rate is one-quarter of one-tenth on both the principal and the profit.
But we want to know about the zakah on the nisab of money deposited in an Islamic bank. Is it the same rate, considering that the profit rate from this bank is very small?
A: The ruling on money deposited in an Islamic bank is the same as the ruling on other wealth that is subject to zakah if a lunar year has passed over it along with its profit. The rate is one-quarter of one-tenth on both the principal and the profit.
Source
binbaz.org.sa
The Arabic text is copied verbatim from the original source, without any edits.