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Does Abdul need to pay zakat on the gold he took as a loan from the bank?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
Abdul took loan from bank by keeping 100 grams of gold (jewellery) in bank. He has 100 grams of gold in hand for this he has to pay zakah.
Will Abdul have to pay zakah for the gold which is in the bank on which he took loan. Please clarify.

Answer

(Fatwa: 1300/866/H=1433)

If he had only 100 gram gold and received loan by depositing the gold as security or any other gold kept in the bank as security and got the loan from the bank then there is zakah on the gold and jewellery which is kept in the bank:
فلا زكوة على مكاتب لعدم الملك التام ولا فى كسب ما ذون ولا فى مرهون بعد قبضه اهـ در مختار وفى شرحه الفتاوي رد المحتار اى لا على المرتهن لعدم ملك الرقبة ولا على الراهن لعدم اليد اهـ ج 2 ص 7

Allah (Subhana Wa Ta’ala) knows Best

Darul Ifta,
Darul Uloom Deoband

This answer was collected from the official ifta website of Darul Uloom Deoband in India.

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