FAQ’S Pertaining To Zakaat (12/20)
Question
Do I have to pay Zakaat on money I have given to a person as a loan?
Answer
Zakaat is compulsory on debt receivables arising from forwarding a loan or selling stock on credit. The creditor may choose to pay Zakaat on debts receivable as per his Zakaat year or defer payment until the debt is paid whereupon any Zakaat due for previous years will have to be paid.
Where scholars differ, it’s safer to take the more cautious view.
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Source: Jamiatul Ulama KZN — https://jamiat.org.za/faqs-pertaining-to-zakaat-2/
Fatawa SA: https://fatawa.co.za/fatwa/jamiat-28858-12
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