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Zakat on Certificate of Deposit

Answered as per Hanafi Fiqh by ShariahBoard.org

Assalamualaikum Warahmatullah Wabarakatuhu

May Allah Subhanahu Wa Ta’ala reward you and all those sincerely seeking HIS pleasure Ameen. My question is  regarding paying zakat on a Bank CD (certificate of deposit). If a person has $50,000 in a CD in an Islamic Shariah Bank in Bangladesh and a year passes on it how much zakat is due on it? Jazak Allahu Khairan for your reply, time, and effort.  May this Ramadan be your best so far insha Allah. Requesting your kind duaas.

 الجواب و باللہ التوفیق

Assalamualaikum Warahmatullah Wabarakatuhu

You will have to pay 1250 dollars on the 50,000 dollars certificate of deposit (i.e. 2.5%).

فقط واللہ اعلم بالصواب

Answered on: 23 June 2017 | 28 Ramadhan 1438
Answer By: Mufti Mohammed Ataur Rahman Sajid
Checked By: Mufti Mohammed Navalur Rahman

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This answer was collected from Shariahboard.org. It was established under the supervision of the eminent faqih of our era, Hazrat Shah Mufti Mohammed Navalur Rahman damat barakatuhum.

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