Question: 1.What is the Shariah ruling with respect to a loaner, who has loaned a certain amount of money, would he have to pay zakat on the total sum that is loaned or only on the amount that he receives from the debtor annually?
- What is the Nisaab for Zakaah (pres. currency) Nisaab of gold and silver and its value in local currency.
Answer: 1. If the loaner receives such amount of money that makes him the owner of the Nisaab then he would pay the Zakaah annually in accordance to what he receives. And would not pay on the total sum.
(AhsanulFataawa, Volume 4, Pg.261)
- The Nisaab of Gold- 82.5 grams, the Nisaab of Silver- 612 grams.
(RaddulMukhtaar, Volume 3, Pg.305 / RaddulMukhtaar, Volume 2 Pg.299 / Hidaayah, Volume 1, Pg.196 / ImdaadulFataawa, Volume 3, Pg.119 / NizaamulFataawa, Volume 4, Pg.520 / Badaai’ Sanaai’, Volume 7, Pg.10)
And Allah Knows Best.
Mufti Waseem Khan.