Tag Archives: USD
Do I pay Zakat on savings only or on my checking account too?
Question: Do I pay Zakat on my Savings only or on my checking account too? Answer: Zakat is due on ANY surplus wealth. It must be more than the Nisab and is in your possession after one year passes. This includes: Savings accounts, checking accounts, actively invested shares or Mutual Funds. It also includes cash […]
Repaying a loan in a different currency
A questioner asks: I purchased something for someone in US dollars equaling 6k in Airline tickets. Now he wants to pay me back, but we live in the Emirates and he can only pay in UAE dirhams. Can I take dirhams as payment? What if he pays me off in installments? Answer: In the name […]