Borrowing from the Agricultural Bank
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Fatwa number ( 19513 )
Q: I borrowed a sum of money from the Agricultural Bank on the condition that
I repay it over ten years, a specific amount each year. This amount is a debt in my liability to the Agricultural Bank. Then, a surplus remained from it, and I invested it with my own money in one of the institutions with the intention of profit. In fact, it earns a profit annually alongside my money, a profit whose amount I do not know. I pay zakah on my money annually, excluding the Agricultural Bank loan, not paying zakah on it on the grounds that it is a debt that can be demanded at any time, knowing that it decreases annually by the amount I pay to the Agricultural Bank. I ask you to answer me: Is zakah obligatory on me regarding the Agricultural Bank loan or not? May Allah reward you.
A: It is obligatory for you to pay zakah on this mentioned amount along with its profit for every year that has passed over it; because it is your property, and the fact that you are indebted to the Agricultural Bank does not prevent the obligation of zakah on it; because the debt is suspended in your liability. And success is from Allah, and may Allah send prayers and blessings upon our Prophet Muhammad, his family, and his Companions.
Q: I borrowed a sum of money from the Agricultural Bank on the condition that
I repay it over ten years, a specific amount each year. This amount is a debt in my liability to the Agricultural Bank. Then, a surplus remained from it, and I invested it with my own money in one of the institutions with the intention of profit. In fact, it earns a profit annually alongside my money, a profit whose amount I do not know. I pay zakah on my money annually, excluding the Agricultural Bank loan, not paying zakah on it on the grounds that it is a debt that can be demanded at any time, knowing that it decreases annually by the amount I pay to the Agricultural Bank. I ask you to answer me: Is zakah obligatory on me regarding the Agricultural Bank loan or not? May Allah reward you.
A: It is obligatory for you to pay zakah on this mentioned amount along with its profit for every year that has passed over it; because it is your property, and the fact that you are indebted to the Agricultural Bank does not prevent the obligation of zakah on it; because the debt is suspended in your liability. 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.