Debt does not prevent the obligation of zakah on the wealth in the possession of a Muslim
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Fatwa number ( 20571 )
Q: I am paying zakah on my wealth, and the amount I am paying zakah on is one million Saudi riyals. I have a debt of three hundred thousand riyals, which I took as a loan from the Real Estate Development Fund to build a residence for myself, and I will pay it off annually over a period of 25 years, if Allah wills. The question: Do I only pay zakah on seven hundred thousand riyals and consider
the amount from the fund as a debt on me? I ask for clarification.
A: It is obligatory for you to pay zakah on the amount that completes a lunar year in your possession, which is the one million or whatever it is; by giving out of it one-quarter of a tenth, even if you have a debt to the government or others. Thus, debt does not prevent the obligation of zakah on the wealth you have, except for what you spent from it before the completion of the lunar year. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I am paying zakah on my wealth, and the amount I am paying zakah on is one million Saudi riyals. I have a debt of three hundred thousand riyals, which I took as a loan from the Real Estate Development Fund to build a residence for myself, and I will pay it off annually over a period of 25 years, if Allah wills. The question: Do I only pay zakah on seven hundred thousand riyals and consider
the amount from the fund as a debt on me? I ask for clarification.
A: It is obligatory for you to pay zakah on the amount that completes a lunar year in your possession, which is the one million or whatever it is; by giving out of it one-quarter of a tenth, even if you have a debt to the government or others. Thus, debt does not prevent the obligation of zakah on the wealth you have, except for what you spent from it before the completion of the lunar year. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Source
www.alifta.gov.sa
The Arabic text is copied verbatim from the original source, without any edits.