Zakat on mortgage through Shariah financing

Question

Assalaam Alaikum

I have a question related to Zakaat

I purched a house on morgage. Alhamdulillah it is not a conventional mortgage. I got mortgage through Shariah financing.

When I was caculating my my zakaat, I know that I have to deduct the debt amount. But if I deduct the debt amount of my mortgage I become inillegible to pay zakaat. Which is little confusing to me because why one should seduct the whole debt which he/she will pay in 30 years.

I am not sure but logically one should only deduct the amount he/she indebted for 1 year becasue we calculate the zakaat of 1 year. (Allah know better).

But on second thought How can I deduct one year debt (and its not debt anymore becasue I have already paid it every month).

Please hel me fnding the answer and justly calclating the zakaat.

Jazaak Allah

Darul Iftaa Mahmudiyyah · Accepted Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

Respected Brother in Islam,

Islamic Banks/Financial Services Companies use different modes for property finance. In order for us to issue a ruling, clarify the following:

1. Is the Shariah Financing on Musharakah basis or Murabahah basis or Ijarah Muntahi-a-bil-tamleek basis?

2. How the process works?

You may forward your email to admin@daruliftaa.net

And Allah Ta’āla Knows Best

Checked and Approved by,
Mufti Ebrahim Desai.

Question

Answer

People also ask

Related fatawa