18 Muharram 1441

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

By Admin
In Riba
Mar 29th, 2019
0 Comments
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ANSWER:

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. 

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