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| Is Zakat payable on fixed deposits which are placed with banks, post offices or companies? |
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Question: Is Zakat payable on fixed deposits which are placed with banks, post offices or companies to get a fixed monthly or annual income? Such deposits are frozen for a period of 3 to 7 years. Answer: These amounts are actually owned by their depositors and they remain in the banks or at other places for saving, so they are liable for Zakat. |
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