Darul Iftaa Mahmudiyyah

Do I have to pay Zakaat on money kept in the bank?

· 25 Shaʻban 1433 AH1 min readFatwa 21428English

Question

Assalamo Alaikum

Recently I sold house and kept money in bank. Intention of keeping money in bank to buy house for own living purpose . I have no own house in at the moment. Do I need to pay Zakat for that amount which I kept in bank? please advise.

Irfan(Singapore)

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

It is obligatory to pay Zakaat on the money kept in the bank.[1]

And Allah Ta’āla Knows Best

Moulana Ismail Desai,
Student Darul Iftaa
Durban, South Africa

Checked and Approved by,
Mufti Ebrahim Desai.

References (Arabic / Urdu sources)

1 و سببه أي سبب افتراضها ملك نصاب حولي تام (الدر المختار، ج 2، ص 259، ايج ايم سعيد)

مالك لنصاب من نقد و لو تبرا (نور الايضاح، ص 209)

Answered by
Moulana Ismail Desai
Checked & approved by
Mufti Ebrahim Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/21428
Fatawa SA: https://fatawa.co.za/fatwa/askimam-21428

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