Question:
Aassalamu Alaikum Ya Sayiddi Maulana Sheikh Nazim Adil Haqqani (QS), Maulana Sheikh Hisham Kabbani (QS) and eshaykh Team.
I have two rental property and I dont make money end of the year as I have expenses against them. However, I have equities on both of them as the mortgage money is decreasing towards principal. Please provide suggestions If I due Zakat on the equities based on current value of the property.
Please keep us in your prayer, Forgive me for any bad adab. Zakak’Allah Khair.
Answer:
Wa `Alaykum Salam,
Since you own homes for rental purposes, Zakat is payable upon the rental income only with the deduction of any outgoings in connection with the property.
Imam Senad Agic
American Islamic Center – Chicago
Majlis #1 Head Imam (IABNA)
www.aicchicago.com
www.imamsenadagic.com
www.iabna.org
