property income

Question ID: 31399

As salaam u alaikum Mufti saheb.
My question can be related to two categories i. e. Halaal investment and zakaat
If one invests an amount of money in a muslim property syndicate(i. e. the money is invested only in buying property and one will receive returns from the rental income that is received).
The company promises a return of a fixed amount eg. 10% pa of the invested amount paid monthly into the investors account.
The question arises:
1. Is the income of an exact percentage of the invested amount (paid monthly) acceptable as halaal income. There does not seem to be profit sharing of total income.
2. The property syndicate is advising that since the money is invested in property then no Zakaat is payable on the invested amount. Is this valid? The invested amount is not immediately available if required by investor but can be made available in a few dayseg. 3 to 5 days.

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Asked on November 16, 2012 12:05 pm
Private answer
1) Fixing in this matter is questionable especially if it then results in a fixed return.
2) Zakaat is payable.
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Answered on November 16, 2012 12:05 pm