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Monday, November 9, 2009

Zakaat on Money Owed

Q: I sold my house to family member for £50,000, half in cash and half to pay in instalments over 5 years so I am owed the outstanding amount of £25,000. Do I have to pay zakat on the amount that is owed to me as I haven't received the remaining 25,000 cash yet? They are paying me 5,000 every year.
A: You have to pay zakaat on the outstanding amount also. However, you can pay the 2.5 percent on this amount from other funds in your possession or you can pay it from the instalments you receive yearly, In either case, remember that you have to pay on the balance owed to you yearly.
Moulana Naziem Moosagie
Checked by and ratified by: Mufti Siraj Desai