Q. Asalamualaikom

Hope you are doing well inshallah…

If I give a loan to a friend am i supposed to pay the zakat for that amount of money even though it is not in my possession?

Jazakallah Khairan

Time: Sunday September 13, 2009

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Wishing you and your family the very same.

SInce you started of with an ‘if’ in your question, we are to give you an answer and a suggestion releating to caution. Kindly do not be offended.

• At the time of the transaction, it must be discussed as to who is to pay the zakaat on that specified wealth
• If this is not discussed, then in reality, you not only continue to remain the rightful owner,  you would likewise be obligated to pay its zakat
• (caution: sometimes its best to give the laon money to the one it is loaned to, for in our experience, we have noticed that the party taking the loan may not only fail to pay it, but you remain the person paying the zakat for that wealth throughout the lifespan of that loan)
• For those that already gave a loan out to a fried, etc. it is not too late for you to renegotiate with the person you have given the loan to regarding the aspect of who is to pay the zakat on it. Should they decline, you would continue to remain liable for its zakat.

Allah Certainly Knows Best.