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Deducting Bond and Zakaat

Answered as per Hanafi Fiqh by CouncilofUlama.co.za

Q: I have an investment in shares to the value of R35,000. I also owe an amount of R450 000 on my house bond. Am I still required to pay zakaat on the R35,000 investment?

A:You are allowed to deduct one years instalments from the 35,000. You will then pay on the balance if it reaches nisaab.This ruling will apply when you do not have any other zakaatable assets.

This answer was collected from CouncilofUlama.co.za, which is operated under the supervision of Council of Ulama Eastern Cape, South Africa.

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