Is it Islamically permissible to pay Zakat on the profits from bank deposits at a rate of ten percent, based on what some religious authorities allow?
We have previously issued fatwas regarding bank deposits, distinguishing between what is permissible and what is forbidden, and the ruling on their . The permissible profits are subject to zakat along with the principal amount, and the zakat rate is one-quarter of one-tenth (2.5%), because they are funds measured against gold and silver. According to the resolution of the Islamic Fiqh Academy, paper currencies have the same rulings as gold and silver regarding usury (riba) and zakat. Scholars have unanimously agreed that the zakat rate for gold and silver is one-quarter of one-tenth, and no one has ever issued a stating that the zakat rate for money is one-tenth.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- 180621
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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- Read the full answer on Ftawy