Are you qualified to do Zakat based on your wealth?

Published: Fri, 03/26/21

17 April 2021

12pm - 4pm

@ Zoom Live

Did you know that only certain groups of people actually need to pay Zakat on Wealth?

To be able to qualify to be one to pay Zakat on Wealth is a blessing by Allah swt. Which also means that you have accumulated enough wealth ( the nisab ) and able to maintain it over a period of 12 months ( haul ).

Let’s be reminded that Zakat on Wealth is not the same as Zakat Fitrah. Zakat Fitrah is made compulsory to everyone. However, Zakat on Wealth is not the same.

Zakat rulings also differs in different country Muslim countries. Some countries pay Zakat from their earnings but in Singapore we pay Zakat on Savings, Insurance, Gold and others. You can check MUIS website www.zakat.sg for this information.

Case Study 1:

Let’s take example of Mr Ali.

He works as an Engineer and just starting working over a year.
He brings home a salary of $4,000 monthly.
He saves $400 ( 10% monthly ) and do not use this money unless for emergency purposes only.
Since he has been working over 1 year, he had saved $400 x 12 months = $4,800 in savings.

The nisab for Zakat is $6,000 at this point of time.

Does he qualify for Zakat on Wealth?
No.

Why?

Because Mr Ali has not reached the minimal sum for nisab.

Find out more in our Calculating Zakat Workshop to know more about Zakat on Wealth - 17th April, 12pm - 4pm.