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Saturday, September 19, 2009

Deduction Student Loan in Zakaat

Q: Can a student loan balance be deducted when calculating zakaat?

A: If the student loan is being paid in monthly instalments then one may only deduct the current instalments from one's assets when calculating zakaat. It won't be correct to deduct the entire loan. This rule applies to any loan that is paid off in monthly instalments.
And Allah Knows Best
Mufti Siraj Desai