Question on loans and zakaat
Salaams!
I just need some clarification, with regards to Zakat calculation, I am currently paying 2 loans, do I add the Total remaining balance to my liabilities or just the monthly instalments at the time of paying?
Wa Alaikum Assalaam,
الجواب و بالله التوفيق
You will add the monthly installments that are due at the time of paying Zakaah, and not the total remaining balance.
And Allah Knows Best.
Mufti Waseem Khan.
21/06/16.