RESOLUTION NO 2 (2/2)
CONCERNING, ZAKAT REAL ESTATES, AND RENTED NON AGRICULTURAL LANDS
The Council of the Islamic Fiqh Academy, during its second session, held in Jeddah (Kingdom of Saudi Arabia), from 10 to 16 Rabiul Thani 1406 H (22-28 December 1985);
Having looked into the studies presented about Zakat real estates and rented non- agricultural lands >>, and
After thorough and in-depth deliberations which covered the subject from its different aspects, it became evident that :
No clear statement is traced which levies Zakat on real estate and rented lands.
Similarly, no statement has been reported levying current Zakat on the yield of real estate and non-agricultural rented lands.
The Council RESOLVES :
No Zakat is levied on assets of the real estate and rented lands.
Zakat is due and payable on its yield, which is one-fourth of the one-tenth (2,5%), after the elapsing of one year period from the date of its actual receipt, if all other conditions are present and no impediments exist.
Verily, Allah is All-Knowing