Published 1 year ago
Last updated 1 year ago
Q: I read somewhere that you can deduct one years worth of "bond" or car repayments from the Zakaat calculation. I have a car and house bond with an Islamic bank. Can you deduct the next 12 months repayments from the Zakaat calculation?
A: This is not correct. The correct opinion in the Hanafi Mazhab is that the entire debt will be deducted. Hence, if the remainder zakaatable wealth one has equals nisaab or more, then one will pay 2.5 % of that wealth. If after deducting the debt, one does not have any wealth or one has wealth which does not equal nisaab, then one will not be liable to pay zakaat.
And Allah Ta'ala (الله تعالى) knows best.
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