Waktu
Solat
31 Jul 2010 19 Syaaban 1431
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Zakat on Savings

Oleh webhead pada Mon, 19/10/2009 - 6:57pm
Difailkan dibawah:

Definition of Savings

Savings is defined as money that is kept at hand and in the bank or any financial institutions in the form of saving account, fixed deposit account, ASB and others.

Zakat is imposed only to the lowest balance of the saving in a year, that is equal to or exceeding nisab, when the saving has reached its nisab and completed its haul.

Example of a Saving Account

DateDeposit (RM)Withdrawal (RM)Balance (RM)
01/01/XXXX 10,000.00
10,000.00
23/04/XXXX
2,000.008,000.00
30/05/XXXX
3,000.005,000.00
10/07/XXXX 200.00
5,200.00
12/08/XXXX
1,200.004,000.00
11/11/XXXX 2,000.00
6,000.00
31/12/XXXX 1,000.00
7,000.00

The lowest balance in the above table is RM 4,000. It has exceeded nisab and completed its haul.  Period of haul for the purpose of this illustration is from 01/01/xxxx – 31/12/xxxx.

Example of Zakat Calculation

Lowest Balance = RM4,000 (exceeded nisab)

Zakat = RM4,000 x 2.5%

Calculation Example For A Depositor That Owns Several Saving Accounts

The depositor has to add up all the lowest balances of every saving account he possesses in different banks and financial institutions.  If the sum is equal to or exceeded nisab, then zakat is obligatory.

Example of Zakat Calculation for Several Saving Accounts

Haul : 1/1/xxxx – 31/12/xxxx

Saving AccountLowest Balance (RM)
Book 14,000.00
Book 21,000.00
Book 315,000.00
Total Lowest Balance20,000.00

Total Lowest Balance : RM 20,000 (exceeding nisab) Zakat = RM 20,000 x 2.5% = RM 500

Fixed Deposit Account

Zakat is imposed on the basic amount of money that is saved for a specific/fixed period of time.

Example: Fixed Deposit : RM10,000

Zakat : RM10,000 x 2.5% (zakat rate) = RM250

Calculator for Zakat on Savings