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Top 5 Most Popular FAQs
Which day of the month should I take to calculate my Zakat on Savings? Every end of the month? During payday? Every start of Islamic month?
Zakat on Savings is based on 2.5% of the lowest savings balance in a haul which is 355 Gregorian calendar days. This period of 355 days is different for each individual and does not have to be from pay day to pay day, Ramadan to Ramadan, or Jan to Dec. If for example your haul is from Feb to Jan the following year, the Zakat will be based on 2.5% of the lowest balance that you have from Feb to Jan. The haul is determined by the nisab value. If in one year, your savings balance does not fall below the nisab value, then you have the haul in existence. If at any point in time your savings balance drops below the nisab, there is no haul. So for some people, they do not have to pay Zakat as their haul is always broken and never completes a full Hijrah year. The nisab value, which is used to determine if there is a haul, is the nisab value at the end of the 355 days period.
Who is eligible to pay zakat?
The conditions to be eligible for fulfilment of Zakat are:
Full ownership of the wealth.
Nisab is reached: Nisab is the market value of 86 grams of gold.
Haul is reached: Possession of the assets for one Hijrah year or 355 days.
What are the consequences upon those who do not pay zakat?
A person who does not pay zakat has destroyed one of the pillars of Islam. Just as those who can afford to pay zakat gives it out to those who need it most and at the same time causing a sense of respect and care among the two classes of the community, refusal to do so will also cause some conflict or a feeling of hatred amongst the community. Allah s.w.t has ordained that the rich give out a very small portion of what they have every year to the poor and needy and this group will always be hoping to receive what they are entitled for. The rich must be grateful to Allah .s.w.t for the rizq and wealth that Allah s.w.t has bestowed on them by paying zakat. Refusal to do so is akin to taking away the rights of the poor and needy and taking away a person's rights is definitely something that will cause hatred in the hearts of those that have been oppressed and will incur the wrath of Allah s.w.t.
I have a life insurance, health insurance and home protection insurance. Do I have to pay Zakat for all these insurance or only on the life insurance?
Currently, Zakat on Insurance is only applicable for Insurance in the form of savings endowment - where the intention is to grow the wealth in savings. Hence for your situation, there is no Zakat for all 3 of your insurance plans.
I am enquiring on Zakat on Income. Do we have to pay Zakat on our monthly salary?
In Singapore, Zakat on Salary or Income is not obligatory as currently, there is not a fatwa on such an obligation.
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