Create an account
The Q&A section is no longer active in taking new questions. We would like to thank every person who trusted us in providing reliable and accurate answers to questions and problems. Due to lack of time available from the Ulamaa in the UK, we are unable to continue with this service.
The section will however remain available as an archive of previously answered question. To ask new questions, please consider the Q&A support section on the forum where members can assist in locating available answers from Ulamaa.

Zakaah ajdustment for bank balance & loans

Last updated: 6th September 2006
Question ID: #2385
Short URL: http://qa.muftisays.com/?2385
Printer Friendly Version Email this page
Hameed
6th September 2006

 
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
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.