AskImamDarul Iftaa Mahmudiyyah (AskImam)
I bought a home where the bank owns the home. Monthly I pay rent and a portion to purchase the home. Can I claim the amount I still 'owe' as a liability against my assets when calculating zakat?
Question
This is a program of United Bank of Kuwait & is approved by Mufti Taqi Usmani Saheb. I paid 20% of the home price. My monthly payments to the bank inlcude rent and a portion to ofset the remaining 80%. Inshallah in 15 years the home will be mine. Please contact me if you need any clarification. Jazakallah Khair
Answer
You may regard only one year's outstanding amount as a liability in calculating Zakat.
Was salaam
Mufti E Desai
Fatwa Dept.
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- Mufti E Desai
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