Zakat applicable on money that you have loaned out
Date:
Channel: Zakir Naik
File Size: 1.95MB
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AI Generated Transcript ©
Is Zakah
applicable on money that you've loaned out? As far as money that is lent anything Lent, whether it is gold that is given on loan, or silver or money or currency, the person who owns that he has to pay zakat on it. Though I know that the one you have lent to but natural without any robot without interest that Solomon,
if have lent to someone,
then the person who owns it has to pay and the person who uses it, he doesn't have to pay and you have to calculate it. For example,
if you have given for a business deal, saying that we share the profit, then it is your money, you have to pay the socket, the two types of loan that are given when a secured loan and the other is unsecured loan, if you give to one of your friends or relatives
alone,
without any Riba interest just for the sake of Allah subhanaw taala.
It is a secured loan, knowing the person is rich and return it to you, you have to pay zakat every year. So you should give it an abort a couple of years past maybe two or three years pass, you have to pay every year,
there's a cap on that amount, if you have 900,000 rupees on it $1,000 then you have to pay two and a half 1000 rupees or two and a half $1,000 every year on the money you have lent every year if you do not have the money, the money of Lent is all that you had and you cannot pay the car, then when it comes back to you, it comes back to you after three years, then you have to pay for the three years that a three to 2.5 have to be 7.5% that said now $1,000 no 1000 rupees. And the other type of loan is an unsecured loan,
where wear the person who have given to maybe poor and we have doubts that the he will be able to repay the money or not. If it is unsecured loan, and if you feel that we may not receive the loan you have given. So you should don't want to pay you need not pay every year.
But if you don't get the money, then you don't pay the soccer. But if you get the money maybe after five years, then you have to pay for all the years that you had lent. So if you're paid for five years 502.5
that becomes 12 and a half percent. So you pay 12 and a half 1000 rupees $1,000 on that amount.