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If we purchased something on monthly installments, would the remaining amount left (to be completely paid off within the next few months), be considered as loan and subtracted from zakat calculation?
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Bismillahi Ta’ala
Walaikum Assalam Warahmatullah
When something is purchased on credit installment, the installments become a debt upon you. This will either be a long-term payable (i.e. more than 12 months), or it would short-term liability payable in less than a years time.
In long-term liabilities contemporary fuqaha’ hold the stance to deduct a maximum of 12 installments from the zakatable assets. However, for short-term loan as the one mentioned in your question, the entire amount may be deducted from the zakatable assets.
Wallahu A’lam
And Allah Ta’āla Knows Best
Mufti Faisal al-Mahmudi