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How is Zakat calculated for an LIC policy with an annual deduction of 10524 since 2003?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
as-salamu-alaikum accuataly i want to know about zakat of lic. my anually deduction of lic is 10524, from 2003.last year iwas paid zakat of my lic balance from 2003i know that how calculated the zakat? the tatol balance of 2003 to till or the year of 2009. please guide about my problem.

Answer

(Fatwa: 1411/1343=B/1430)

Calculate the total deposited amount every year and give its Zakah, which is 2.5% of total amount.

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

Original Source Link

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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