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Fatwa CenterZakat on inherited money
Question
My father died two years ago and left us a sum of money in his bank account and it has reached the due Nisaab of zakat, but, thus far, the inheritance has not yet been distributed among the heirs. Please note that none of the heirs has his share at his disposal. What is the ruling on the zakat of this money?
Answer
All perfect praise be to Allaah, The Lord of the worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His slave and messenger.
If the share of each of the heirs – in this money – reaches the due Nisaab of zakat, whether by itself or after adding it to their other wealth, then it becomes liable for zakat after the lapse of a full lunar year from the death of the deceased. Hence, the heirs, whose respective wealth has reached the due Nisaab (i.e. the minimum amount of wealth liable for payment of zakat) and after the lapse of one lunar year, should pay the due zakat for the past two years. The Nisaab of merchandise is an amount of which the value equals eighty-five grams of gold or five-hundred and ninety-five grams of silver. When one's wealth reaches this amount, it becomes obligatory for him to pay a fixed rate of 2.5% – which is equivalent to one-fortieth (or a quarter of a tenth).
We would like to underline that keeping money in interest-based banks is impermissible as it involves cooperating in sin and aggression. Whoever was forced to save his money in such banks should do this in an interest-free checking account so as to avoid any usury-based transactions and consequently avoid the severe punishment of such a sin.
As for the interest that you have acquired from the interest-based banks during this period, you cannot pay zakat on it as it is unlawful money. You should not avail yourselves of it but should rather get rid of it by spending it in charity or such. Verily, Allaah, the Exalted, is Good and accepts nothing but what is good.
Allaah Knows best.
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