. Asalamulaikum Mufti Saheb
Please confirm the following:
I earn interest on a loan account within a business that I no longer work for and the total loan is being repaid to me in 4 x 6-monthly instalment
1. Can I use the interest to pay off interest on my bond.
2. Can I use the interest to compensate for the high PAYE on my monthly salary
3. Can I use it to settle medical bills of needy muslims.
4. Can it be used to offset the VAT paid on personal purchases made (i.e. food, furniture etc.) – the VAT is not recoverable from SARS.