Zakat on Unreceived Debt

Question
If a person lends an amount of money that reaches the nisab and has not yet received it, is he obligated to pay zakat on it?
Answer
I say, and with God's help: Zakat is required for all years of debt after the money returns to him if there is hope for its return. If there is no hope for its return, zakat is due only for the year of receipt, and God knows best.
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