Zakaat on gold purchased with a credit card

Answered according to Hanafi Fiqh by Muftionline.co.za

Q: Someone took gold on credit cards and couldn’t pay the credit card, so the interest is triple times more since 1 year, and the person left the country. Is the person eligible to pay zakat on this gold? As people are saying that its not payable to zakat because person is not paying credit cards bills and interest is more than its amount of credit limits.

Bismillaah

A: If the debt is in excess of the gold, it is not zakaatable. The interest will not be accounted for in the debt.

And Allah Ta’ala (الله تعالى) knows best.

 

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)

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