Q:
Someone took a 100,000 riyal loan from another person, but has not yet repaid it. As the time to pay Zakah becomes due, who has to pay it;
the creditor or the debtor? Someone else borrowed money from an agricultural bank on credit for the purpose of setting up industrial, agricultural, housing or poultry projects. Is Zakah due on the money he borrowed? If Zakah is due on it, who should pay it; the agricultural bank or the borrower?
A:
The creditor should pay Zakah for the loan he lends provided that the debtor is known to be solvent, a full lunar year has elapsed and the debt reaches the prescribed Nisab (the minimum amount on which Zakah is due) whether the money is enough to pay Zakah or another sum is added to it. (Part No. 9; Page No. 194) The debtor is not obliged to pay Zakah for the money he has borrowed unless three conditions are met. First, the money should reach the prescribed Nisab. Second, a full lunar year should elapse. Third, the money should remain in the debtor's possession. Once these conditions are fulfilled, the debtor is obliged to pay Zakah.May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
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Someone took a 100,0...
