Q: I have an auto loan (Islamic) on which some amount is outstanding. I also have a personal loan which I took out for investment. In order to calculate the net wealth for zakaat, am I allowed to deduct the total outstanding loan amount?
And Allah Ta’ala (الله تعالى) knows best.
Mufti Zakaria Makada
Checked & Approved:
Mufti Ebrahim Salejee (Isipingo Beach)