Reassessing Zakat Obligations On Islamic Bank Deposits: A Fiqh Muʿāmalāt-Based Ijtihād For Islamic Banking 5.0 Concept

Saiful Anwar; Yusuf Haji-Othman; Mohammadtahir Cheumar; Aminudin Aminudin; Jafril Khalil5

doi:10.33102/jfatwa.vol31no2.732

Authors

Saiful Anwar Institut Teknologi dan Bisnis Ahmad Dahlan Jakarta, INDONESIA
Yusuf Haji-Othman Sultan Abdul Halim Mu'adzam Shah International Islamic University, MALAYSIA
Mohammadtahir Cheumar Sultan Abdul Halim Mu'adzam Shah International Islamic University, MALAYSIA
Aminudin Aminudin Institut Teknologi dan Bisnis Ahmad Dahlan Jakarta, INDONESIA
Jafril Khalil5 Institut Teknologi dan Bisnis Ahmad Dahlan Jakarta, INDONESIA

DOI:

https://doi.org/10.33102/jfatwa.vol31no2.732

Keywords:

Zakat Exemption, Islamic Banking, Fiqh Muʿāmalāt, Maqāṣid al-Sharīʿah, Productive Financial Intermediation

Abstract

Islamic banking today grapples with a crucial question: should third-party deposit funds (DPK) be subject to zakat? While current fatwa such as DSN-MUI treat these funds as zakat-obligated like cash, this paper offers a new ijtihād. It argues that DPK, when invested productively by Islamic banks, should be exempt from annual zakat obligations. Grounded in fiqh muʿāmalāt, this position is built on classical juristic reasoning, maqāṣid al-sharīʿah, and analysis of benefit versus harm (maṣlaḥah-mafsadah). Using both classical references – such as al-Ghazālī, al-Shāṭibī, and Ibn Qudāmah – and modern case studies, the research demonstrates that exempting such deposits can enhance capital preservation and mobilization. Instead of diminishing over time through zakat deductions, these funds can fuel microfinance, SME development, and inclusive economic growth. The core argument is that Islamic bank deposits, when functioning as tools for social utility and productive intermediation, are not idle wealth. Therefore, they should not be measured by zakat in the same way as dormant cash. This perspective aligns more closely with the spirit of sharīʿah, promoting justice, poverty alleviation, and wealth circulation. The paper ultimately invites a rethinking of DSN-MUI and similar fatwas to better reflect today's financial realities without departing from Islamic legal ethics. It offers a path forward where Islamic banks are not only Shariah-compliant but also socially impactful and economically empowering.

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