If one Is in debt (£10k) has savings of (£20k) I know that zakat is based on the difference which is £10k. The 2.5% of this on £10k can I use on myself to pay the debt off.
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If one Is in debt (£10k) has savings of (£20k) I know that zakat is based on the difference which is £10k. The 2.5% of this on £10k can I use on myself to pay the debt off.
Why would you hold onto a debt of £10k when you have double that and can pay the debt back?
Pay the debt off asap. I don't like the thought of debt. It scares me.
Zakat can only be accepted by someone who has nothing (consult a Mufti, I am sure there is an exact description but I can't remember it off the top of my head). You have £10K stocked up, so you wouldn't be able to accept Zakat even if you gave it to yourself.
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