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18 / 06 / 2026
Ruling on Money Saved in Gold to Buy a House
She says that she took a loan from the Islamic bank to buy an apartment, and after another year, she took a second loan, but the purchase has not been made yet due to circumstances that prevented it. The amount was converted into a gold ingot so that it would not be spent, and they are still repaying the loan until now. Is there Zakat due on this ingot, and how is it calculated if there is?
Answer
I say, and with God's help: The debt reduces the existing amount, so if there is extra money beyond the amount of the debt, it should be purified (zakah). If the debt is equal to or greater than the existing money, then there is no zakah. It appears from your situation that the debts you are being claimed by the bank are greater than the gold; therefore, there is no zakah on it, and God knows best.
