Question
In 1960 my now deceased father had acquired a loan of 50 pounds. This was prior to the introduction of rands. This loan was never repaid. I have resolved to pay the outstanding amount to the heirs of the creditors. How much should I pay?
Answer
South Africa switched to the new currency (Rands) in 1961. Anyhow, it has no effect on the amount of the debt which you have correctly resolved to pay on behalf of your marhoom father. In 1960 50 pounds represented 4 x 1 ounce krugerrands. The debt your father owes is therefore 4 krugerrands. Today that is approximately R300,000. May Allah Ta'ala reward you abundantly.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 28 No 10
- PDF page
- 3