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April 23, 2020
Do I pay Zakat on money that I have borrowed from someone?
No, you do not have to pay Zakat on money that you have borrowed from someone. Since this money is not yours and you are obligated to repay it, it is not considered part of your wealth for Zakat purposes. However, once you pay off the debt, if you have wealth above the nisab (minimum threshold) and it remains for a full lunar year, you will need to pay 2.5% Zakat on your remaining wealth. Zakat is only due on assets you fully own and have had for one lunar year above the nisab threshold. You, as the borrower, have no Zakat obligation on the borrowed amount. For accurate assessment, visit nzfcanada.com or consult a scholar.
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Your Questions about Zakat Answered
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Do I pay Zakat on money that I have borrowed from someone?
No, you do not have to pay Zakat on money that you have borrowed from someone. Since this money is not yours and you are obligated to repay it, it is not considered part of your wealth for Zakat purposes. However, once you pay off the debt, if you have wealth above the nisab (minimum threshold) and it remains for a full lunar year, you will need to pay 2.5% Zakat on your remaining wealth. Zakat is only due on assets you fully own and have had for one lunar year above the nisab threshold. You, as the borrower, have no Zakat obligation on the borrowed amount. For accurate assessment, visit nzfcanada.com or consult a scholar.
explore faqs
Your Questions about Zakat Answered
Here you will find more answers to your zakat questions.
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