Is zakat obligatory on the remaining amount of money after purchasing a house and before the completion of a full hawl (lunar year), or on the amount paid at the completion of the hawl, and is zakat obligatory on debts that are not expected to be repaid?
If an individual's share of the money does not reach the (minimum threshold) by itself or when combined with other assets, then there is no due on it. However, if their share reaches the nisab, zakat becomes obligatory upon them. Debt nullifies zakat on hidden assets; thus, the amount of the debt is subtracted from the wealth. If the remaining amount still constitutes a nisab, zakat is due; otherwise, it is not, unless the debtor possesses surplus wealth beyond their basic needs from assets that are not subject to zakat, in which case they should use this surplus to cover the debt and pay zakat on the entire original amount. There is no zakat on the value of a house. The nisab for banknotes and similar currencies is approximately equivalent to 85 grams of gold, and the obligatory amount to be given is one-quarter of one-tenth (2.5%). Regarding zakat on debts: If the debtor is solvent and not procrastinating, then the lender must pay zakat on it. However, if the debtor is insolvent or procrastinating, there is no zakat on the debt until the owner receives it, at which point they pay zakat for one year.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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- 89808
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- Summary from Ftawy's records, reviewed by El Fatwa's sharia committee.
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