Category: Charity, Obligatory (Zakaat)
Fatwa#: 38499
Asked Country: Canada

Answered Date: Aug 17,2017

Title: 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

Respected Brother in Islam.

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.

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