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Zakat On A Loan Borrower
What’s the ruling of zakat for someone who has personal loan of approx $50k from individuals but also holds some jewelry worth approx $25k. The lenders are not asking for it yet and have allowed to return whenever possible. Please advise as the zakat has not been paid since 2021 due to loan.
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8 Replies
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Zakat On A Loan Borrower
updated 19 hours, 23 minutes ago
3 Members
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8
Replies
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He should give zakat on his savings because he is not paying off debts.
The jewelry which is supposed to be worn, is exempted from zakat.
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Thanks a lot. JazakAllah.
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But we will calculate zakat after subtracting the amount of loan due from savings? @Irfan76
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In my case loan is almost double my savings. Either I have to use my savings to payoff the partial loan or pay zakat on these savings. Please correct me if wrong. JazakumAllah.
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If loan amount is with you and if you are not paying it back then you have to pay zakat on it.
If loan amount is consumed and you have savings to pay off your loan then your savings are exempted from zakat.
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If my savings are way less than the amount of loan, would this mean that these savings are zakat exempt until the loan is paid off? JazakAllah.
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This is what you have to decide. If You are saving to pay off zakat it is exempted, if not then you should pay zakat.
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Perfect. JazakAllah.
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