Zakaat is Applicable on Loan Given – Dr Zakir Naik
Yusuf Chambers: Another thing which has worried me slightly is Ahm.. is Zakaat applicable on money that you have loaned out?
Dr. Zakir: As far as money that is lend, anything lend whether it is gold that is given on loan or silver or money or currency, the person who owns that he has to pay Zakaat on it though I know that the one you have lend to but natural without any Riba without interest that is Haraam in Islam, if you have lend to someone then the person who owns it has to pay, and the person who uses it 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, yet you have to pay the Zakaat.
There are 2 types of loan that are given one is secured loan and the other is unsecured loan if you give to one of your friends or your relatives a loan without any Riba, interest just for the sake of Allah (Subhanahu wa Ta’ala), if it is a secured loan knowing the person is rich and will return it to you, you have to pay Zakaat every year so if you give it and about a couple of years pass may be a 2 or 3 years pass you have to pay every year the Zakaat on that amount.
If you have lend 100,000 rupees or 100,000 dollars then you have to pay 2½ thousand rupees or 2½ dollars every year on the money you have lent, every year.
If you do not have the money, the money you have lent is all that you had and you cannot pay Zakaat then when it comes back to you, if it comes back after 3 years then you have to pay for the 3 years i.e. 3 x 2.5, you have to pay 7.5% that’s 7½ thousand dollars or 7½ thousand rupees.
The other type of loan is unsecured loan where the person whom you have given to may be he is poor and you have doubts whether he will be able to repay the money or not. If it is unsecured loan and if you feel that you may not receive the loan you have given so if you don’t want to pay, you need not pay every year but if you don’t get the money then you will not pay the Zakaat but if you get the money may be after 5 years then you have to pay for all the years that you had lend. So if you have paid for 5 years, 5 into 2.5 that becomes 12½% so you pay 12½ thousand rupees or 12½ thousand dollars on that amount.
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