Back to search
The question

How is the exchange rate of foreign currency calculated for paying Zakat on deposits—is it based on the black market rate or the banks' rate, and is it the exchange rate at the time of conversion or the average exchange rate throughout the year?

Share this answer

Source: FtawySummary from Ftawy's records · added here Sep 2, 20261 min readAlso available in العربية
The answer

Whoever wishes to pay on paper currency with another paper currency should give what is more beneficial to the poor if the exchange rates differ. The prevailing exchange rate at the time of giving is what matters, not the average price throughout the year. It is not permissible to deposit money in interest-based banks.

Summary from Ftawy's records · added here

Reviewed by El Fatwa's sharia committee.

Read the full answer on Ftawy
Where this answer came from
Source platform
Ftawy
Original fatwa ID
48078
Added here
. This is when the answer was added to El Fatwa, not the fatwa's date.
Text
Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
Read the full ruling
Read the full answer on Ftawy