Question ID: 22995
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Assalaamualaykum Mufti, please advise on the following
1. I have cash in the bank but have recently purchased a Vehicle through Islamic Finance. Should the outstanding value of the vehicle be deducted from the amount in the bank when calculating Zakaat
2. When calculating Zakaat on Cash in the bank, must the value be calculated on the amount in the bank or the amount you had in your possession for a full year?

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Asked on August 14, 2011 6:26 am
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Private answer
1) No
2) Calculate the amount at the time of calculating.
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Answered on August 14, 2011 6:26 am