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Zakah (Zakat) On Rent Deposit

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Mansoor Danish

Channel: Mansoor Danish

Episode Notes

Episode Transcript

© No part of this transcript may be copied or referenced or transmitted in any way whatsoever. Transcripts are auto-generated and thus will be be inaccurate. We are working on a system to allow volunteers to edit transcripts in a controlled system.


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Salam aleikum wa rahmatullah. There is a question on Zakat on advanced rent deposit. Many of us when we are taking a property on rent, we need to make a short term payment, a temporary payment as a deposit. And if we are going to stay there for an 11 month contract, or a three year contract a short term temporary contract, then we need to pay

00:00:21--> 00:01:00

deposit amount. So here once again, we divide our rent deposit into two categories, those rent deposit those advanced deposits that we have made, which could be temporary in nature, and those which are permanent and long term in nature, which means you know that you're not going to get the money anytime soon. For example, you admit your child into a school and you make a rent an advance deposit, and you know that this money is not going to come back to you for the next 12 or 15 years. So that's a long term scenario, the treatment will be different for both of them. If it's a temporary deposit, which is a short term deposit, and you know, this money is going to come back to

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you in a short period of time. In this case, if your entire wealth along with this rent deposit is meeting the nisab then you will have to pay zakat on this amount. So you will pay the car on the rent deposit that you have. Because it is meeting its as for a short term period and you know that this money is gonna come back to you. However, if it is a long term scenario, in such a case, the wealth is not under your control, you do not have a possession of it right now. So whenever you receive the money, and you complete one year on it, pay it after the possession and when one year has completed on it, you pay two and a half percent. So in short, we broke it down into two

00:01:41--> 00:02:11

categories. We said that any advance deposit would either be temporary in nature or short term in nature, which you're going to realize it in a short period of time or it is going to be permanent or long term in nature. If it is short term in nature, then Zakat is due on it every year. And if it is long term in nature, where the wealth is not under your control, then you wait for the money to come to you and whenever the money comes back to you and it completes one year in your possession up is a card a two and a half percent and Allah knows best