Zakaat on offset accounts
Assalamu alaikum shk. I have a home loan with MCCA. I utilise an offset account with them to reduce the profit they take. I can take money out from this account but I don’t. Do I have to pay Zakaatul maal on the money I hold in this account?
Wa’alaykum salām wa Rahamatullah,
Offset accounts are generally transactional accounts which are associated to transactions linked to home financing products.
Offset accounts are voluntary accounts seperate from the finance product/ agreement itself. Funds in such accounts are accessible and hence will be subject to Zakāh.
And Allah Ta’ala knows best.
Shaykh Shabir Moosa