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Zakaah ajdustment for bank balance & loans
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my question is regarding zakat, i want to know that if i have some bank deposits as well as loans, should i have to pay zakat on net amount i mean bank deposit less loans or i have to pay on banks deposit amount.
| Answer |
Ulamaa ID 04
Answer last updated on:
1st November 2009
Answered by: Ulamaa ID 04
Website
Location: London |
Bismillah
Al-jawab billahi at-taufeeq (the answer with Allah's guidance)
There is no Zakat upon anyone who has a debt encompassing his money. But, if his money is more than the debt, he pays Zakat on the excess if it reaches Nisab. (Quduri)
For Example, if you add all the Zakatable assets and then subtract it from the liabilities and the left over reaches the rate of Nisab, then Zakat will become Fardh otherwise not.
(Zakatabul Assets - Liabilities)
And Only Allah Ta'ala Knows Best. --------------------------------------
Moulana Qamruz Zaman
London, UK |
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