My Father in low is a retried government officer, Now his family depend only his pension, no other ways for income.
Mu' meneen Brothers and Sisters,
As Salaam Aleikum wa Rahmatullahi wa Barakatuh.
(May Allah's Peace, Mercy and Blessings be upon all of you)
One of our brothers/sisters has asked
this question:
Asalaam - alaykum brother Burhan,
1) Last year in May 2006 I took a loan from Bnak and
purchased one property for just investment purpose. Now the bank loan is
finish for this month only.I try to sell of this property and the amount to be
invest to new property those I book on July 2007. I make new
property payment like this (old property sell value + 50 % loan) from
bank. Please let me know for this property Zakat is Farj. if yes how
much %.
2) My Father in low is a retried government
officer, Now his family depend only his pension, no other ways for income.
He have a same amount saving in one bank for his anther daughter marriage
purpose. Before two months he given me that amt as a loan ( Karza ) to be
booking for my new property. In this case Jakat is Farz if yes how much
% & who will be paid me or my father in low.
Please let me know as soon as possible,
Jazak Allah Khair.
(There may be some grammatical and spelling
errors in the above statement. The forum does not change anything from
questions, comments and statements received from our readers for circulation in
confidentiality.)
Answer:
Zakah clarifications
In the name of Allah, We praise Him, seek His
help and ask for His forgiveness. Whoever Allah guides none can misguide,
and whoever He allows to fall astray, none can guide them aright. We bear
witness that there is none worthy of worship but Allah Alone, and we bear
witness that Muhammad (saws) is His slave-servant and the seal of His
Messengers.
Your Question: Last year in May 2006 I took a loan from Bnak
and purchased one property for just investment purpose. Now the bank loan
is finish for this month only.I try to sell of this property and the amount to
be invest to new property those I book on July 2007. I make new
property payment like this (old property sell value + 50 % loan) from
bank. Please let me know for this property Zakat is Farj. if yes how
much %.
Respected brother, we will assume that the loan you have
taken from the bank is interest-free and Shariah compliant; for ‘riba’ and
interest have been declared absolutely and categorically unlawful for the
believers who sincerely fear Allah and the Last Day.
‘Zakah’ is liable from every believer (man, woman, or
child) whose net excess assets are above the prescribed ‘nisaab’ and have been
in their possession for a period of one full calendar year.
Lets assume you bought the 1st property in
May-2006 for 100,000.00 through the bank loan; and you paid the loan over the
course of the year. In May-2007 the
property was worth 150,000.00. For the
calendar year May-06 to May-07 you would be liable to pay ‘zakah’ on the market
value of the property or 150,000.00 at the rate of 2.50%.
Then in July-2007 you invested 150,000 in the 2nd
property and took a loan for another 150,000.00. One is not liable to pay ‘zakah’ on the loan,
but rather only on their net excess asset.
Thus assuming that you do not pay anything of the loan until May-2008,
and the market value of the 2nd property which you bought for
300,000.00 in July-2007 is worth 400,000.00 in May-2008…..you would be liable
to pay ‘zakah’ for the calendar year May-07 to May-08 on 250,000.00 (150,000
investment + 100,000 profit) at the rate of 2.50%.
Your Question: My Father in low is a retried government
officer, Now his family depend only his pension, no other ways for
income. He have a same amount saving in one bank for his anther daughter
marriage purpose. Before two months he given me that amt as a loan (
Karza ) to be booking for my new property. In this case Jakat is Farz if
yes how much % & who will be paid me or my father in low.
The inherent owner of the asset is the one who is
responsible to fulfill its ‘zakah’; thus in this case it is your father-in-law
who is the inherent owner of the funds, and it is he who is liable to pay
‘zakah’ on his savings at the rate of 2.50%.
Whatever written of Truth and benefit is only
due to Allah’s Assistance and Guidance, and whatever of error is of me
alone. Allah Alone Knows Best and He is
the Only Source of Strength.
Your brother and
well wisher in Islam,
Burhan