Q. After my father passed away I inherited a sum of money at a bank. Is it permissible to accept and use a sum of money which grew on interest? Should I pay Zakaat on it?
A. It is permissible for you to accept and use the amount of money which was deposited at the bank (this is the money that your father or another family member deposited at the bank as a savings). If zakaat became compulsory on this amount then you will have to pay (zakaat) on it. The interest (added) must be given to those who are poor and needy and zakaat will not be paid on this amount.
And Allah knows best.
Mufti Waseem Khan