Mortgage and Zakat

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Suppose, I borrow money from you with agreement, if I could not pay my loan, you can take my house. In this case, the house actually is still under my ownership. You just have a right to take the house if I could not pay. So, obligation of zakat for this house is still fall on me.
 
Misbah0411 said:
He is asking about paying zakat on the haram (mortgage) That this is a question is disheartening.
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Mortgage is loans granted on the basis of collateral in the form of immovable object. In example, I borrow money from you with agreement, if I could not pay, you can take my house.

What brother Ali was asking was zakat on collateral in this mortgage loan, like the house in my example.
 
ardianto said:
Mortgage is loans granted on the basis of collateral in the form of immovable object. In example, I borrow money from you with agreement, if I could not pay, you can take my house.

What brother Ali was asking was zakat on collateral in this mortgage loan, like the house in my example.
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Is that mortgage one where interest (riba) is attached to it or not? Unless you know of a mortgage from a bank that doesn't charge interest, I would be happy if you can tell me. I'm all ears......
 
Misbah0411 said:
Is that mortgage one where interest (riba) is attached to it or not? Unless you know of a mortgage from a bank that doesn't charge interest, I would be happy if you can tell me. I'm all ears......
Click to expand...

http://www.theguardian.com/money/2008/jun/29/mortgages.islam

OP didn't specify if the mortgage was taken from a bank,
or that he didn't take a mortgage from an Islamic Bank.

However usually in these cases they are bank loans with interest, and it is troubling that any Muslim should take any riba.
If that is the case, many Muslims get involved in this haram activity from ignorance.
If the A brother had involved themselves in an interest based loan due to ignorance, and has realized they must leave such an accursed thing InshsaaAllah, has made tawbah and is doing their utmost to escape the loan as fast as possible,
then at least he understands to maintain the fardh of zakat even as he is trying to extract himself from this situation.

pretty much:
We do not know if the mortgage involved riba,
But even if it does the question is still a relevant question as the OP cannot neglect his zakat because of his other sins
 

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