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Zaid’s Loan Collateral: Does it Require Zakaat Payment?

Q: Zaid took a loan from Bakr. Bakr demanded a certain amount of cash and jewelry as collateral for the loan. Zaid paid back the loan after three years. Does Zaid have to pay zakaat on the collateral and jewelry for the previous years?

A: Zakaat is not waajib upon the collateral. Hence, Zaid will not have to pay zakaat upon that amount.

(فلا زكاة على مكاتب ) لعدم الملك التام ولا في كسب مأذون ولا في مرهون بعد قبضه (شامي 2/263 / فتاوى محمودية 14/82 )

Answered by:

Mufti Zakaria Makada

Checked & Approved:

Mufti Ebrahim Salejee (Isipingo Beach)

Original Source Link

This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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