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Mortgage and Zakat

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    S.Ali786's Avatar Full Member
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    Mortgage and Zakat

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    Salams, do you pay Zakat on equity in mortgage?
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    Misbah0411's Avatar Full Member
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    Re: Mortgage and Zakat

    Unbelievable.
    Mortgage and Zakat

    Show no concern for the praise of one whose praise cannot adorn you in any way, nor for the blame of those whose blame cannot dishonor you. And seek the praise of the One whose Praise is all honor and whose blame is all disgrace. Ibn Qayyim
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    Re: Mortgage and Zakat

    ^^ Does this mean yes or no?
    Mortgage and Zakat

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    Re: Mortgage and Zakat



    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.
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    Re: Mortgage and Zakat

    format_quote Originally Posted by sister herb View Post
    ^^ Does this mean yes or no?
    He is asking about paying zakat on the haram (mortgage) That this is a question is disheartening.
    Mortgage and Zakat

    Show no concern for the praise of one whose praise cannot adorn you in any way, nor for the blame of those whose blame cannot dishonor you. And seek the praise of the One whose Praise is all honor and whose blame is all disgrace. Ibn Qayyim
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    Re: Mortgage and Zakat

    format_quote Originally Posted by Misbah0411 View Post
    He is asking about paying zakat on the haram (mortgage) That this is a question is disheartening.
    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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    Re: Mortgage and Zakat

    format_quote Originally Posted by ardianto View Post
    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.
    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......
    Mortgage and Zakat

    Show no concern for the praise of one whose praise cannot adorn you in any way, nor for the blame of those whose blame cannot dishonor you. And seek the praise of the One whose Praise is all honor and whose blame is all disgrace. Ibn Qayyim
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    Cpt.America's Avatar Full Member
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    Re: Mortgage and Zakat

    format_quote Originally Posted by Misbah0411 View Post
    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......
    http://www.theguardian.com/money/200...ortgages.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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