Is Zakat obligatory on money deposited in a non-Islamic real estate bank, if this money is the sole source of livelihood (housing and food)?
If the wealth reaches the (threshold) and a full hawl (lunar year) passes, becomes obligatory on it at a rate of 2.5%. The nisab is equivalent to the value of 85 grams of pure gold. It is not permissible to deposit money in an interest-based (usurious) bank; it must be withdrawn and placed in an Islamic bank. If an Islamic bank is not available, then one must invest it oneself or through (profit-sharing partnership) in lawful ventures, because investing in riba (usury/interest) is a great sin for which Allah has threatened the annihilation of wealth and severe punishment. Allah Almighty says: "Allah destroys riba and gives increase for charities. And Allah does not like every sinful disbeliever" [Al-Baqarah:276], and He said: "O you who have believed, fear Allah and give up what remains [due to you] of riba if you should be believers. And if you do not, then be informed of a war from Allah and His Messenger. But if you repent, you may have your principal – [thus] you do no wrong, nor are you wronged" [Al-Baqarah:278-279].
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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