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Yes, but not the whole mortgage. For example, if you owe the bank $1,000,000, you wouldn't subtract the entire million; you would subtract what you owe that year (essentially the mortgage payments of that year). Some scholars debated about this issue but the this is the most common (and logical) fatwa. Although you owe the bank $1M, you don't plan to pay it back within a year (most likely over 30 years), so you can't be zakat-free for 30 years.

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