Is zakat obligatory on money borrowed from the bank through a murabaha contract to purchase and sell goods, if the intention of the loan is to buy essential needs and there are no other saved funds?

If you possess cash equivalent to 85 grams of gold and a full lunar year has passed, zakat becomes obligatory on it, at a rate of one-quarter of one-tenth (2.5%). There is no zakat if you spend the money or buy a car for personal use before a full year has passed. Debt cancels zakat on hidden wealth. So, if a year has passed and you are in debt, subtract the amount of the debt from the money you possess. If the remaining amount reaches the nisab, zakat becomes obligatory on it. If you have other money that is not subject to zakat and you do not need it for your necessities, then use it to offset the debt so that the zakatable money remains intact and its zakat can be paid.