Question Summary:
Zakat on mortgages

Question Detail:

 
 
I have a question with regards to paying zakaat when you have a bank mortgage or loan. In the below Fatwa you explained clearly that Zakaat will only be wajib if saving exceeds nisaab after paying the yearly debt to bank. My question is if by paying yearly debt a person does not exceed in Nisaab is he eligible to get Zakaat?
http://www.askimam.org/public/question_detail/15629

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
The fatwa in reference is correct.
In principle, deferred liabilities do not prevent the obligation of zakat. [1] If a person is paying off long term debts such as mortgages/loans etc then, the value of the loan will be deducted from ones total wealth and the amount oweable for one year will be calculated as a debt, and only that amount will be considered when applying the rules of zakat. For example if you have to pay a loan of R10000 for 5 years at R2000 per year and the threshold of zakat is R500. After paying the R2000 for the first year on your zakat date you still had R1000 in your procession then, this amount is zakatable even though you owe the bank/creditor a balance of R8000 for the next four years to come. Conversely, if after paying your debt for that particular year you only had R100 in your possession on your zakat date then, you will not have to pay zakat on the R100 as it is less than the threshold of zakat(R500).[2]
And Allah Ta’āla Knows Best
Ismail Dawoodjee
Student Darul Iftaa
Zambia
Checked and Approved by,
Mufti Ebrahim Desai.
www.daruliftaa.net 
 
[1] أما الدين المؤجل بتأخير صاحب الحق هل يمنع وجوب الزكوة؟ إختلف المشايخ و الصحيح أنه لا يمنع ذكره القاضي صدر الدين (جواهر الفتاوى ق٣٠/ب ملك سعود ١٤٣٧)
 و قيل يمنع المعجل دون المؤجل..و الصحيح أنه غير مانع كما في الجواهر (جامع الرموز ج-١ ص-٣٠٠، سعيد)
 الدين المؤجل قال بعضهم يمنع و ذكر فخر الأئمة السرخسي عن مشايخنا-رحمهم الله- أنه لا يمنع (السراجية ص-١٤٢، زمزم)
    زاد القهستاني عن الجواهر والصحيح أنه غير مانع (الشامي ج-٢ ص-٢٦١، سعيد)
 السراجية: الدين المؤجل قال بعضهم:يمنع الزكاة، وذكر مجد الأئمة السرخكتي عن مشائخنا أنه لا يمنع (التاتارخانية ج-٣ ص-٢٣٥، مكتبة زكريا)  
جديد فقهي مسائل ج2 ص40 زمزم
[2] الزكوة واجبة على الحر العاقال البالغ المسلم اذا ملك نصابا تاما و حال عليه الحول (العناية ج1 ص511 علمية)
كذا فى مجمع الانهر ج1 ص192 احياء التراث