Zakah is obligatory on you in lands prepared for trade
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Fatwa number ( 14237 )
Q: I purchased an apartment from the government (a loan) in the city of Jeddah for an amount of two hundred and fifty thousand riyals, in the month of Sha'ban 1411 AH, to be repaid in comfortable installments over a period of 25 years. I have been accustomed to paying zakah in the month of Ramadan. The question is: If the value of the lands and cash I possess equals the value of the apartment loan mentioned, does this debt exempt me from zakah?
A: Zakah is obligatory on you in the lands prepared for trade, and on the cash you possess if it reaches the nisab and a lunar year has passed over it. The debt you owe to the government for the value of the apartment does not prevent the obligation of zakah. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I purchased an apartment from the government (a loan) in the city of Jeddah for an amount of two hundred and fifty thousand riyals, in the month of Sha'ban 1411 AH, to be repaid in comfortable installments over a period of 25 years. I have been accustomed to paying zakah in the month of Ramadan. The question is: If the value of the lands and cash I possess equals the value of the apartment loan mentioned, does this debt exempt me from zakah?
A: Zakah is obligatory on you in the lands prepared for trade, and on the cash you possess if it reaches the nisab and a lunar year has passed over it. The debt you owe to the government for the value of the apartment does not prevent the obligation of zakah. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.