Zakat on debt; Financing options, Mutual Fund

Answered according to Hanafi Fiqh by Askimam.org

I would need your opinion in the light of Quran and Sunnah about my following questions;

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1. I sold out my house and lent money to a masjid as qarz-e-hasana for almost 2 years. My question is what is my obligation to pay zakat for this money and when?

2. Is there any halal financing option available in Toronto. OR is it Halal to invest in a Mutual Fund which is comprised of only Health and Technology sector with NO company involved in gambling. liqueur and weapon business. They only have small fraction of financing services 2% as equity, but no interest income. Is it OK to invest in this fund and separate 2% earrnings received  against financials services and disburse it to poor without having any inattention for reward. Pleas guide. Also if there is any Shariah compliant mortgage would you recommend in Toronto? 

Answer

In the Name of Allaah, the Most Gracious, the Most Merciful.

As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

The answers to your queries are as follows:

  1. We pray that Allaah Ta’aala accepts your Qardh Hasanah and rewards you with goodness and blessing in both worlds. Aameen.

In principle, the creditor is responsible for the zakaah on a loan as he is the owner. Accordingly, the zakaah on the money lent to the masjid as Qardh Hasanah will be binding upon you once the loan is returned. You may pay the zakaah once you receive the debt, backdating the zakaah payments to account for all the previous years. Alternatively, you may also pay its zakaah annually[1].

  1. We advise you to contact your local Muftis for Shari’ah compliant financing options and mortgages available in your area. You may also send us details and contracts of a specific financing scheme you are interested in and we will review it and advise accordingly[2].

In regards to the mutual funds query, we find your statement contradictory as you state “They only have small fraction of financing services 2% as equity, but no interest income.” Kindly clarify in this regard. You may send your clarification to [email protected] (ref. Muaz).

And Allaah Ta’aala Knows Best

Muajul I. Chowdhury

Student, Darul Iftaa

Astoria, New York, USA

Checked and Approved by,
Mufti Ebrahim Desai.

______


[1]  الدر المختار (2/ 305) 

(و) اعلم أن الديون عند الإمام ثلاثة: قوي، ومتوسط، وضعيف؛ (فتجب) زكاتها إذا تم نصابا وحال الحول، لكن لا فورا بل (عند قبض أربعين درهما من الدين) القوي كقرض (وبدل مال تجارة) فكلما قبض أربعين درهما يلزمه درهم

 

حاشية ابن عابدين (رد المحتار) (2/ 305) 

(قوله: عند الإمام) وعندهما الديون كلها سواء تجب زكاتها، ويؤدي متى قبض شيئا قليلا أو كثيرا إلا دين الكتابة والسعاية والدية في رواية بحر

 

بدائع الصنائع في ترتيب الشرائع (2/ 9) 

وتجب الزكاة في الدين مع عدم القبض، وتجب في المدفون في البيت فثبت أن الزكاة وظيفة الملك والملك موجود فتجب الزكاة فيه إلا أنه لا يخاطب بالأداء للحال لعجزه عن الأداء لبعد يده عنه وهذا لا ينفي الوجوب كما في ابن السبيل.

 

فتاوى محمودية )14/ 98)

 

[2] حاشية ابن عابدين (رد المحتار) (6/ 385)

ويردونها على أربابها إن عرفوهم ، وإِلا تصدقوا بها لِأَن سبِيل الكسب الْخبيث التصدق إذا تعذر الرد على صاحبه

 

البحر الرائق شرح كنز الدقائق (8/ 229) 

وإلا يتصدقوا به؛ لأن سبيل الكسب الخبيث التصدق إذا تعذر الرد

 

تبيين الحقائق شرح كنز الدقائق (6/ 27) 

وإلا تصدقوا بها؛ لأن سبيل الكسب الخبيث التصدق إذا تعذر الرد على صاحبه.

 

احسن الفتاوى (7/ 16)

فتاوى محموديه (16/ 381)

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