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QUESTION: My husband took a loan through a bank and invested it with a property dealer (bought plots to sell later). Loan instalment is paid monthly and it’s a four years long procedure. Now it’s been more than a year that we have invested that money. Do we have to pay zakat on that investment and if yes then how to do the calculation as we are still paying the instalments?

QUESTION: My husband took a loan through a bank and invested it with a property dealer (bought plots to sell later). Loan instalment is paid monthly and it’s a four years long procedure. Now it’s been more than a year that we have invested that money. Do we have to pay zakat on that investment and if yes then how to do the calculation as we are still paying the instalments?

01 Oct

ANSWER:

If this property is bought with purpose of selling it after developing it, you must estimate the current value and give zakat on it.

But if it was bought to rent it out or to live in it and not to sell it, there is no zakat on it.

If the loan is interest based, he must repent to Allah, seek His forgiveness and express real remorse as this is one of the major 7 sins in Islam.

Loans, Riba, Zakat | October 1, 2022 1:05 am

Sheikh my maternal grandmother had gold enough for zakat but didn’t had money. The times did not change either and then she left us. Now her gold has been distributed among her children, my mother wants to know if she can give zakat of that gold which her mother had?

QUESTION: I know that buying new bank notes by paying more than the actual face value is riba.But I don’t know about the notes that are now rare or out of the market. So people pay more for them for collection or to sell.