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.
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