Deducting long terms debts in one's zakaat calculation
Submitted by user on Mon, 2021-04-19 16:15
Q: A person took a loan of R5 million from the bank which is payable over 10 years. R500 000 is payable every year of the principle debt as well as R50 000 interest.
1) When calculating zakaat, will one deduct the entire amount of R5 million as his debt or only the amount payable for the current year of R550 000 (R500 000 principle and the R50 000 interest)?
2) Does one include the interest owing as part of his debts for the zakaat calculation?
A:
1. The entire 5 million will be deducted.
2. No.
And Allah Ta'ala (الله تعالى) knows best.
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