Abdur Rahman ibn Yusuf Mangera – Q&A Is Zakat Payable on Money I have Loaned to Someone
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Do you have to pay zakat on any money lent to someone else if they
have invested the money in a property or some other investment?
If you've borrowed money to somebody, if you loan money to
somebody that is going to come back that is supposed to be paid
back, then yes, you are responsible for that zakat. Now
you can't tell the other person that you can only borrow it, or
you've had it for this many years. Give it back to me otherwise you
have to stop paying zakat. This is the kind of trade off. This is
where you get rewarded for borrowing money to somebody.
Sometimes what they say is that borrowing money is superior than
gifting money to somebody because you know that there is this aspect
to it. But yes, you do have to pay zakat on that money and you have
to pay it every year.
Of course, if you've got no money, then you can keep a balance of it
and then pay when you do get it for the previous years.
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