By Asma bint Shameem
That depends on the one you’ve loaned your money to.
If he’s someone well-off and you EXPECT your money to be returned, then you should pay zakaah on it every year.
That’s because it’s kind of like you still have the money in your possession.
BUT if he’s a person who’s struggling financially and you DO NOT EXPECT your money to be returned any time soon, then you don't have to pay zakaah on it until you get it back in your possession.
Someone asked Shaikh Ibn Uthaymeen about this issue.
He said:
“The correct view is that zakaah must be paid on it each year, if it is owed by one who is rich and willing to pay, because it comes under the same ruling as wealth that you have with you; but he should pay it when he takes possession of the debt, and if he wishes he may pay zakaah on it with the zakaah of the rest of his wealth.
The former is a concession (rukhsah) and the latter is a virtue, and is more expedient in discharging one’s duty.
But if it is owed by one who is delaying payment or one who is hard up, then no zakaah is due on it, even if it remains for ten years, because he is unable to dispose of it, but if he takes possession of it, he should pay zakaah once, for the year in which he took possession of it, and he does not have to pay zakaah for the time that has passed.”
And the Islamic Fiqh Council said:
This matter may be summed up as follows:
1. The lender has to pay zakaah annually on the money lent, if the borrower is rich and is known to repay debts promptly. In this case, because it is possible to recover the money readily, it is like money that is in one's possession.
2. The lender has to pay zakaah one full year after recovering the money if the borrower is in difficulty or is known to delay repayment. He does not have to pay zakaah before he gets the money back, because it is not readily accessible and this is not like money that is in one's possession.”
(Qaraaraat Majma' al-Fiqh al-Islami page 9)
And Allaah knows best
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