What is the amount of Zakat accumulated on a deposit of EGP 100,000, with a 4% profit rate, for which Zakat has not been paid for three years?
Fatwas have been previously issued regarding bank deposits, stating that is obligatory on the principal if it reaches the and a full year has passed over it, regardless of whether the deposit is permissible or forbidden. As for permissible profits, they are subject to zakat along with the principal at a rate of 2.5%, while forbidden profits must be disposed of by spending them on charitable causes. Zakat is not waived by the passage of years and must be paid immediately. The amount of zakat on the aforementioned sum for three years is two thousand five hundred Egyptian pounds for each year, totaling seven thousand five hundred Egyptian pounds.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- Original fatwa ID
- 185051
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- Text
- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
- Read the full ruling
- Read the full answer on Ftawy