Zakat On Fixed Deposit
Please see my original response. Bank fixed deposit schemes may not exactly be permissible to begin with. Other such arrangements where a person has no control over a sum of money, zakat can only be incurred when that money becomes his possession. I don’t think that it’s confusing at all. If you loan someone $1,000 how can you be liable to pay zakat on it until you get it back? Please quit mixing inflation with zakat. As I have shared with you before, there’s no correlation between the two. Zakat is an act of worship that has a very specific purpose. Inflation is the change in the value of the instrument (money) that you use to pay your zakat with, and it’s a side effect of the current capital system. There are assets that appreciate over time – cash is not one of them.