Taking mortgages to buy a residence in western countries : Islam and insurance Zakah and mortgage

Fatawa Question

As-Salaam-Aleikum, My name is Shabbir and I leave in Canada. I would be very grateful if you could please advise me whether insurances such as life and medical are allowed in Islam. Secondly, on the issue of Zakaat, if say in 2005 my cash balance in the month of Ramadhan was 30,000 and my debts were 10,000 and I paid Zakaat on 20,000.00, what will be the Zakaaat payable in the month of Ramadhan of 2006 when my cash balance has increased to say 40,000 from 30,000 but my debts of 10, 000 have remained the same. In other words my net worth has increased by ten thousand. Third, is it permissible for one to buy a house on mortgage for personal use ? Your favorable response will be greatly appreciated. Jazaak-Allah your brother in Islam

Fatwa

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Publication Date

2006-10-06

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-788892

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