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Must one pay zakah on mortgage money?

Answered as per Hanafi Fiqh by Darulifta-Deoband.com
If a person has taken mortgage money from a bank and it is in his possession does he have to give zakah on it.

Answer

(Fatwa: 1459/1081/D=1433)

If you mean gold and silver and it is in his possession then in this case he will have to pay zakah of the rest of the amount after deducting the amount equal to loan. And if it is business loan then only the amount equal to the instalments which has to be paid during one year shall be deducted.

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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