Question
I have a property which has a value of £115,000 and in which I currently reside. The mortgage on it at the moment is £99,000.
In my zakat calculation do I have to add the property value of £115,000 in the assets (I think not but just want to confirm?)
Do I have to add the value of the loan in the Liabilities section £99,000?
Answer
Muhtaram / Muhtaramah
In the Name of Allāh, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāh wa-barakātuh.
You do not have to add the value of the property in the Zakaat Calculations. You may deduct the next 12 payments towards your mortgage bonds.
And Allah knows best
Wassalam
Darul Iftaa, Madrassah In’aamiyyah
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