Sunday, April 14, 2024
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Zakaah on loaned amount

Fatwaa ID: 693

Question:
Asalamualaikum Mufti saheb
A quick question Maulana,
If a person has loaned some money 💰 to a person, does the lender have to pay zakaat on the money given. The lender has full expectation of receiving the money back – but is not entirely sure when that will be.

Answer:
In the Name of Allaah, the Most Gracious, the Most Merciful.
As-salaamu ‘alaykum wa-rahmatullaahi wa-barakaatuh.

The lender/creditor has to pay the zakaah for the loaned amount. He can pay the zakaah annually or once he gets the money back, in which case he will backdate for the previous years.

And Allaah Ta’aala knows best.
Mufti Muajul I. Chowdhury
Darul Iftaa New York
https://askthemufti.us/

وصل اللهم وسلم وبارك على سيدنا محمد وعلى ءاله وصحبه أجمعين

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