IslamQA.org Logo

I have a morgage but used a sum of my savings to pay for the deposit. Would I need to pay zakaat on the deposit used?

Answered according to Hanafi Fiqh by Askmufti.co.za
Q: I have a morgage but used a sum of my savings to pay for the deposit. Would I need to pay zakaat on the deposit used?

A: Any money that was used up before the Islamic year ended (i.e. the 12 Lunar months) is exempted from Zakaat. So you need not pay zakaat on the deposit you paid towards your mortgage, for this is money already used and spent.
 
And Allah knows best

Mufti Siraj Desai

This answer was collected from AskMufti.co.za, which is operated under the supervision of Mufti Siraj Desai of Darul-Uloom Abubakr, South Africa.

Find more answers indexed from: Askmufti.co.za
Read more answers with similar topics:
Subscribe to IslamQA Weekly Newsletter

Subscribe to IslamQA Weekly Newsletter

You will receive 5 Q&A in your inbox every week



We have sent a confirmation to you. Please check the and confirm your subscription. Thank you!