The Ruling on Zakah on Lended Money
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A person lent another person ten thousand riyals, and a lunar year has passed. Is zakah obligatory on the lender or the borrower?
If the one who borrowed it is wealthy such that he can pay it back to the lender whenever it is requested, then zakah is due on it, because this is like the dirhams in the box; he can take them whenever he wishes. If he is poor, then there is no zakah on him.But if he receives it, some of the scholars say: He pays zakah on it for the time that has passed.And among them are those who say: He pays zakah on it for one year of the time that has passed.And among them are those who say: He starts a new lunar year with it.And the precaution is: He pays zakah on it for one year of the time that has passed.Meaning: If ten years have passed on it, he pays zakah on it once.
If the one who borrowed it is wealthy such that he can pay it back to the lender whenever it is requested, then zakah is due on it, because this is like the dirhams in the box; he can take them whenever he wishes. If he is poor, then there is no zakah on him.But if he receives it, some of the scholars say: He pays zakah on it for the time that has passed.And among them are those who say: He pays zakah on it for one year of the time that has passed.And among them are those who say: He starts a new lunar year with it.And the precaution is: He pays zakah on it for one year of the time that has passed.Meaning: If ten years have passed on it, he pays zakah on it once.