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23 / 04 / 2026
Zakat on Money in the Bank
A person took a loan from the university and has (20,000) left in the bank. Does he owe zakat on it, knowing that he is not using it for anything, and he has not yet repaid the university loan? Also, if he does not use it, it will decrease in zakat every year. If he uses this money or part of it in a project, does he owe zakat on it as well?
Answer
I say, and with God's help: He is not obligated to pay zakat on this money; because it is matched by a debt owed by him of the same amount, and if it is used in a project, there is also no zakat due because of the debt. And God knows best.
