Salaam,
Gatehouse Bank’s fixed term deposit savings accounts seem to be offering great expected profit rates. I was wondering whether or not zakat needs to be paid on the money in the account if you can’t withdraw it?
Really great question. Islamic banks invest the deposits so how does the zakat get calculated? It would be great to get a reply to this.
Here is 1 opinion I found Is Zakat payable on Fixed Term Deposit accounts in Islamic Banks managed under Wakalah? - Darul Fiqh
I found other rulings online which also indicate you should pay zakat on your fixed term deposit.
I’m just a bit confused by the way they word when you should pay zakat, so do I pay zakat on one lunar year after I’ve opened the account or do I pay on my normal Zakat day?
Wouldn’t you just add the value of all your zakatable assets then find 2.5%?
You would include the value of the fixed term saving account, you can get certificates of profit from your bank as well for record keeping.
@AQM274 I don’t see any reason why you shouldn’t pay zakat on it. eg see the evidence above.
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