Fatwa #2142815 July 2012Malaysia
Do I have to pay Zakaat on money kept in the bank?
Question
Assalamo Alaikum
Recently I sold house and kept money in bank. Intention of keeping money in bank to buy house for own living purpose . I have no own house in at the moment. Do I need to pay Zakat for that amount which I kept in bank? please advise.
Irfan(Singapore)
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
It is obligatory to pay Zakaat on the money kept in the bank.[1]
And Allah Ta’āla Knows Best
Moulana Ismail Desai,
Student Darul Iftaa
Durban, South Africa
Checked and Approved by,
Mufti Ebrahim Desai.