Zakaat on a debt that is payable after a long period of time
Question
Zaid and Ahmad are partners in a business. Zaid wishes to sell his share to his partner for R10 million. The payment terms agreed upon are that half the amount will be paid cash and the other half will be paid AFTER 48 months in 12 equal monthly installments. In other words, for the first 48 months there will be no installment paid. The question refers to the zakaat obligation during this time. Is Zaid liable to pay zakat on the R5 million owing to him during these 48 months?
Answer
Yes, Zaid is liable for the zakaat of the R5 million.
And Allah Ta'ala (الله تعالى) knows best.
- Answered by
- Mufti Zakaria Makada
- Checked & approved by
- Mufti Ebrahim Salejee (Isipingo Beach)
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