Calculating zakaat on investments
Question
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?
Answer
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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