Zakaat on Retirement Annuities and Loans
Q: I'm currently calculating my Zakaat, and would like clarity on the following 3 points:
Calculating zakaat
Offsetting a debt with the intention of zakaat
Q: Will zakaat be discharged by offsetting a debt with the intention of zakaat?
Wealth decreasing before the zakaat date
Q: What is the mas’alah regarding a person whose wealth decreased before the zakaat date?
E.g. Bakr possessed R1 000 000 throughout the year. Just before the end of his zakaatable year i.e. 1st of Ramadhaan, he suffered a loss of R900 000 in his business. Will Bakr now have to pay zakaat on R1 000 000 or R100 000?