Q: Are Shari’ah compliant home purchase plans considered a debt for zakāh purposes? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Under the Murabaha home purchase plan the client purchases the desired property on a deferred payment basis from the financier. Ownership of the property is vested in the client at the time […]
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Is zakah payable on the value of on account payments for a person who has an Islamic Home Purchase Plans?
Q: Is zakāh payable on the value of on account payments for a person who has an Islamic Home Purchase Plans? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Ownership of the on account payments, both under the Ijarah home purchase plan and the Diminishing Musharakah home purchase plan, remains vested in the […]
Read more...What is the Shari’ah position with regards to zakah on Diminishing Musharaka home purchase plans?
Q: What is the Shari’ah position with regards to zakāh on Diminishing Musharaka home purchase plans? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Under the Diminishing Musharakah home purchase plan, the client again incurs a debt only to the extent of the outstanding monthly rental payments subsequent to his use of the […]
Read more...What is the Shari’ah position with regards to zakah on Ijarah home purchase plans?
Q: What is the Shari’ah position with regards to zakāh on Ijarah home purchase plans? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Under the Ijarah home purchase plan the client incurs a debt only to the extent of the outstanding monthly rental payments subsequent to his use of the property. This debt […]
Read more...Do I have to pay zakah on shares held for me by a nominee?
Q: Do I have to pay zakāh on shares held for me by a nominee on trust? For e.g. I purchase shares in my own name via TD Waterhouse who hold legal title on a nominee basis. This means they are shown on the company register as the legal owners of the shares. However they […]
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