Question:
Assalaamu alaikum
I Have taken a loan. The loan amount is greater than my current savings and the gold jewellery my wife has. So do I need to pay zakat. Or my wife has to pay zakat.
Kindly pray for barakah in earnings and to clear my loan soon.
Answer:
As-Salamu ‘Alaikum,
When you deduct your debt from wealth and if the reminder is still above the nisab threshold, zakat is payable, otherwise not.
Dr. Senad Agic, Imam
SABAH – Chicago
9920 Grand Ave
Franklin Park, IL 60131
