Wednesday, April 17, 2024
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Zakaah and financed items

Fatwaa ID: 992

Question:
Assalamualaykum w w

IA all are well with aafiyah.

A friend has asked me a question on calculating zakat. Could you please advice me on this?

She’s purchased a few household items on finances, e.g., sofa. She’s asked if she would take out this amount from her wealth before paying zakat on it?

Clarification request: W/Salaam,
Kindly elaborate on the details of the financing. Is it long term or short term? How long? How is the payment being done? Is there any interest being charged or paid?

Clarification: Aww,

  1. Long term
  2. Most have 3 years left now.
  3. Monthly direct debit
  4. Only car and credit cards have interest. The other items don’t

Answer:
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

At the outset, we wish to remind you that interest is haraam. When one deals with interest, he engages in war with Allaah Ta’aala and His Messenger ﷺ. We advise you to actively try to free yourself from this major sin by paying off as soon as possible and refraining from other interest based transactions. Sincere tawbah and istighfaar must be made.

Nevertheless, in the enquired situation, when adding up for zakaatable wealth, you may deduct only that amount from the purchase price of the financed items that is payable in the next twelve lunar months. You will not deduct the entire amount. The interest amounts are non-deductible.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
https://askthemufti.us/

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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