Source: http://qa.muftisays.com/?2385
Question ID: #2385
 
Question: Zakaah ajdustment for bank balance & loans
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.
 
 
Answered by: Ulamaa ID 04 (London)
Date: 01/11/2009 23:33pm

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.
Mufti Qamruzzaman

London, UK
 
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