I have borrowed an amount Rs. 25 lac from my friend for transport business with a promise of return within 10 years like 60 lac, the business is in great loss, since 7 years already have passed, still loan amt. to pay Rs.50 lac to my friend, but asset value depreciated to 15 lac ,(50 lac loan amt. left asset value only 15 lac.). Is it obligatory to pay zakah on that 15 lac?
بسم الله الرحمن الرحيم
(Fatwa: 1257/1241/B=1/1438)
The interest based loan brings loss, curse and misfortune. You should not have taken interest based loan. In the above mentioned case, no zakah shall be wajib on that fifteen lakh which is in your hand.
Allah knows Best!
Darul Ifta,
Darul Uloom Deoband