I have a fixed deposit in the bank which is matuaring in 1 year. Do I have to pay Zakath on it. The profit is shared only at the maturing time I.e. 1 year
Mar 29th, 2019
If the amount is saved for one lunar year and the amount reaches the nissab then you have to pay the zakat on the full amount. If this is a conventional bank, this is clear riba and it is one of the 7 major sins in islam.