Fatwa #3849917 August 2017United States of America
Zakaat on Cds
Question
Asalamu alaikum warahmatullahi wabarakatuhu
How much zakat is due on a $50,000 CD (certificate of deposit) in an Isalmic Shariah Bank in Bangladesh after a year passes over it? May Allah subhanahuwatalla reward you and all those sincerely working to seek HIS pleasure. Ameen
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
What does “CD” mean in your country?
Here in South Africa “CDs and FDs” are essentially the same.
As every country has its own specific “Banking Terminologies”, please clarify the above in order for us to issue a Shari` Ruling.
And Allah Ta’āla Knows Best
Anas Ullah Sharieff Qasmi.
Student Darul Iftaa
Hyderabad, India.
Checked and Approved by,
Mufti Ebrahim Desai.