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All the praises and thanks are due and belong to Allah, and May His salutations be upon the final Prophet and Messenger: Prophet Muhammad, his family and all companions.

Zakaah is the major economic means for establishing social justice and leading the Muslim society to prosperity and security. Literal meaning of the word “zakat” is cleansing and growth. It is defined by the Muslim Jurists as “specific sum of money payable from a specific amount of money and distributed to specific categories of people”.

Zakat is based on income and the value of all of one's possessions. It is customarily 2.5% (or 1/40th) of a Muslim's total savings and wealth above a minimum amount known as Nisab.

As for the creditor who had his money in the possession of a second party (debtor) as loan, zakat becomes obligatory on him with the fulfillment of certain conditions:

1-the debtor must be capable of paying the loan anytime the creditor requests for it

2-one complete year should revolve around it

3-it must be up to the nisab

In the above situation, the creditor is obliged to give zakaah of the loan in addition to the wealth under his possession every year because the money in this case is as a deposit in the possession of the debtor. However, if the debtor is one who is in hardship, the creditor pays the zakaah obligation on the credited amount only once after retrieving the loan from the debtor even if the money was in his possession for so many years.( excerpts from Fiqh Muyassar by Ibn An-Najjaar Ad-Dimyati)


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