Question
Is long term debt such as a bank loan payable over ten years, deductible from wealth for Zakaat purposes?
Answer
No! Only the instalment which is due may be deducted. Since there is no demand for payment regarding long term debt, it may not be deducted.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 28 No 09
- PDF page
- 2
Appears under ! WOMEN IN THE MUSJID | (approximate).