How can I calculate zakath on deposited money in Islamic bank?
Share
The Details of the Question
One year before, I had some money which was deposited in an Islamic bank. Last year I paid zakath (obligatory alms) on the deposited amount of money. Do I have to pay zakath on same deposited money this year too? If so, do I have to calculate zakath on initially deposited amount or Inclusive profit shared with me or only for the profit gained by me from deposit? Submitted by on Tue, 20/01/2009 - 07:02
The Answer
Dear Brother / Sister,
You must pay alms via the latest total amount of money. So, you have to give alms the fortieth of both the capital money and its profit.
Questions on Islam
Author:
Questions on Islam
Subject Categories:
Read 9.555 times
SIMILAR QUESTIONS
- Can I give zakah in advance before a year is completed?
- Zakat on Retirement account IRA/401K
- Zakat on Retirement account IRA/401K
- Is it permissible for civil servants and employees to receive bank promotions?
- I want to give the zakah for my gold, which I did not give in the years 1998 and 1999 now. Based on what year should I calculate the zakah for the gold?
- Is it permitted to deposit money in the bank without interest and to keep money in demand deposit in the bank?
- zakaat in monies put into a business
- Is taking photos allowed and do they (photos) prevent someone from praying?
- Calculation Of Zakat
- How is zakah paid for commercial goods? Is it calculated based on the increase during the year? Can zakah be paid by goods?
THE MOST ASKED QUESTIONS