Back to search
The question

Is Zakat obligatory on a frozen bank deposit for three years in an Islamic bank, designated for the purpose of obtaining residency and nationality, and having a variable profit, knowing that the Central Bank guarantees only 5% of the deposit?

Share this answer

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

is obligatory on investment deposits and their profits annually because the generated wealth is subject to Zakat along with the principal, as ruled by the Islamic Fiqh Academy. This applies to both long-term and short-term accounts. It is preferable to pay Zakat when the hawl (one lunar year) is completed if the money is available. If that is difficult due to the deposit being frozen, then it is permissible to delay paying it until the money can be withdrawn, and then pay it for all past years.

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
174772
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