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?
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.