Darul Iftaa Mahmudiyyah

I bought a home where the bank owns the home. Monthly I pay rent and a portion to purchase the home. Can I claim the amount I still 'owe' as a liability against my assets when calculating zakat?

· 7 Shaʻban 1421 AH1 min readFatwa 1489English

Question

This is a program of United Bank of Kuwait & is approved by Mufti Taqi Usmani Saheb. I paid 20% of the home price. My monthly payments to the bank inlcude rent and a portion to ofset the remaining 80%. Inshallah in 15 years the home will be mine. Please contact me if you need any clarification. Jazakallah Khair

Answer

You may regard only one year's outstanding amount as a liability in calculating Zakat.

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Mufti E Desai
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Mufti E Desai
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Source: Darul Iftaa Mahmudiyyah — https://askimam.org/public/question_detail/1489
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