He owns shares, but is in debt. How should he pay zakaah?
Question

                I have asked for Islamic finance from the Al-rajihee Company, in order to buy shares and pay in monthly installments. The total amount to be paid to the Al-rajihee Company is about 99.000 Riyals. I have paid 20.000 so far, and currently I am dealing in pure (non-mixed) shares, via Al-Rajihi. How should I pay zakat on my wealth? A brother said to me that if a person is in debt and is paying it off in monthly installments then he should not pay zakat. Please provide me with a detailed answer.
Praise be to Allah.
    Firstly: 

    The fuqaha’ differed with regard to debt: does it mean that 
    one does not have to pay zakaah? There are two well-known views, one of 
    which is that it does not mean that one does not have to pay zakaah, so if a 
    person possesses the nisaab (minimum amount of wealth at which zakaah 
    becomes due) and one full year has passed, then he must pay zakaah, 
    no matter what his debt is. This is the view of al-Shaafa’i (may Allaah have 
    mercy on him), and it is what is regarded as most correct by many of the 
    scholars. 

    That is because of the general meaning of the evidence which 
    indicates that zakaah is obligatory for everyone who owns the nisaab, and 
    because the Prophet (blessings and peace of Allaah be upon him) used to send 
    his workers to collect zakaah, and he did not tell them to enquire as to 
    whether the owners of the wealth had debts or not. And because zakaah has to 
    do with what one actually possesses, and debt is a commitment, so the one 
    does not rule out the other. 

    Al-Nawawi (may Allaah have mercy on him) said: Does debt 
    cancel out the obligation of zakaah? There are three opinions concerning 
    that, the most sound of which according to our companions, which is also the 
    view stated by al-Shaafa’i (may Allaah be pleased with him) in most of his 
    new books, is that it is obligatory... To sum up, our view is that zakaah is 
    obligatory, whether the wealth is hidden or apparent, and whether the wealth 
    is of the same type as the debt or not. Our companions said: whether it is a 
    debt owed to a human being or a debt owed to Allaah, such as previous 
    zakaah, expiation, vows and so on. End quote. 

    Al-Majmoo’, 5/317 

    Shaykh Ibn Baaz (may Allaah have mercy on him) said: With 
    regard to the debt that he owes, it does not rule out zakaah according to 
    the soundest scholarly opinion. End quote. 

    Majmoo’ Fataawa al-Shaykh Ibn Baaz, 
    14/189 

    Shaykh Ibn ‘Uthaymeen (make Allaah have mercy on him) said: 
    What I think is more likely to be correct is that zakaah is obligatory in 
    all cases, even if a person has a debt which, if taken from a person’s 
    wealth, will cause it to fall below the nisaab, except a debt which came due 
    before the zakaah became due, in which case he must pay the debt, then pay 
    zakaah on what is left after that. End quote. 

    Al-Sharh al-Mumti’, 6/39 

    It says in Fataawa al-Lajnah al-Daa’imah (9/189): The 
    correct scholarly view is that debt does not rule out zakaah. The Prophet 
    (blessings and peace of Allaah be upon him) used to send out his workers to 
    collect zakaah, and he did not tell them: Look and see whether the people 
    are in debt or not. End quote. 

    Based on that, you should look and see what wealth you have 
    after one year has passed since acquiring it, and pay zakaah on it, even if 
    your debt is greater or smaller than this money. But if you pay off the debt 
    or part of it before zakaah becomes due, then you do not have to pay zakaah 
    on that amount, only on what is left of the money. 

    Please see also the answer to question number
    22426.

    Secondly: 

    For information on zakaah on shares, please see the answer to question number 69912.