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Do I pay zakat on my bank deposit or net amount (bank deposit minus loans)?
my question is regarding zakat, i want to know that if i have some bank deposits as well as loans, should i have to pay zakat on net amount i mean bank deposit less loans or i have to pay on banks deposit amount.
This answer was collected from MuftiSays.com, based in London (UK). It is one of the fruits of Darul Uloom London. Many ‘ulama are involved in answering the Q&A on the site, including: Shaikul Hadeeth Mufti Umar Farooq Sahib, Mufti Saifur Rahman Sahib, Mufti Abdullah Patel Sahib, Maulana Qamruz Zaman Sahib, Mufti Abu Bakr Karolia Sahib.