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Deductions from Zakatable total : insurance, deduction of debts from Zakatable items and mortgage
Fatawa Question
As-Salaam-Aleikum, My name is Shabbir and I live 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 Zakah, if say in 2005 my cash balance in the month of Ramadhan was 30,000 and my debts were 10,000 and I paid Zakah 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-792333
American Psychological Association (APA)
Qahf, Mundhir. 2006-10-06. Deductions from Zakatable total : insurance, deduction of debts from Zakatable items and mortgage. .
https://search.emarefa.net/detail/BIM-792333
Modern Language Association (MLA)
Qahf, Mundhir. Deductions from Zakatable total : insurance, deduction of debts from Zakatable items and mortgage. 2006-10-06.
https://search.emarefa.net/detail/BIM-792333
American Medical Association (AMA)
Qahf, Mundhir. 2006-10-06. Deductions from Zakatable total : insurance, deduction of debts from Zakatable items and mortgage.
https://search.emarefa.net/detail/BIM-792333