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Al-Iftaa Clarifies Zakat on Lent Funds
The Dar al-Ifta (Islamic fatwa authority) has confirmed that the money owed by lenders, which remains in the debtor's possession for a full year, is subject to Zakat once it reaches the Nisab (threshold). The Nisab is the value of 85 grams of 21-karat gold, with a Zakat rate of 2.5%. Zakat becomes obligatory on the debt if the conditions of full ownership, reaching the Nisab, and the completion of a lunar year (hawl) are met. It is necessary to pay the Zakat after receiving the money, even if the debt persists for years, provided that the debtor does not deliberately delay receiving the payment to evade paying Zakat.
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