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Zakaat on Investment with Al Baraka Bank: How Much and How to Calculate?

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: I have an approximate amount of 2.6 million in an investment with Al Baraka bank,with a monthly return plan. Do I need to give zakaat on it? If so, how much and how do I calculate?

Bismillaah

A: Yes. We suggest that you find out how are they investing your money. If they give you some clear facts you will know the extent of the zakaatable assets and that which is not zakaatable.

And Allah Ta’ala (الله تعالى) knows best.

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)


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This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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