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Top 5 Most Popular FAQs Zakat Matters
1.	Do I need to pay Zakat on my CPF monies that I am able to withdraw?
	Yes, Zakat is liable to be paid if the conditions of zakat are met regardless of whether it is in your possession or not. This is tantamount to safekeeping since you have the means to withdraw the money.
2.	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.
3.	Can one pay zakat using interest monies?
	Interest monies are considered syubhah and cannot be used for personal expenses. Therefore, it is not permissible to be used to pay one's zakat obligation.
4.	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.
5.	If one saves money to pay for Hajj expenses, are those savings zakatable?
	Zakat is the third pillar of Islam and Hajj is the fifth pillar of Islam. It is compulsory for one to give out zakat when one's property or savings have reached haul and nisab, irregardless of whether it is savings meant for one's daily expenses or for retirement or for other religious practices including Hajj. Zakat purifies one's wealth and self. Allah has promised that He will help expand the wealth of those who give out zakat. It is also important to know that a Mabrur Hajj only comes from a purified source and performing Hajj is only compulsory for those who can afford it. Affordability here means in terms of financial expenses for the Hajj itself and one's dependents that will be left behind.