Rulings on Zakat:

"And establish regular prayer and give regular (Zakat) charity and obey the Messenger of Allah, so that you may receive mercy." (Surah An-Nur, 24:56)
"Of their wealth, take alms so you may purify and sanctify them."
(Surah At-Taubah, 9:103)

"Zakat" literally means purification and growth. Thus the paying of Zakat:
•Purifies and multiplies our possessions and wealth
•Cleanses our heart from selfishness and greed
•Develops gratefulness for Allah’s bounty
•Brings about a sense of peace and well-being
•Helps establish economic balance and social justice in society

Calculating Your Zakat Contributions:

Types of Assets on which Zakat is payable
1. Savings
2. Shares
3. Gold
4. Business
5. CPF Savings


Zakat on Savings
"Savings" mean money that is kept in all types of savings accounts including fixed deposit and current account.

There are 3 Methods of calculating the Quantum of Zakat payable

Method 1:
2.5% on the lowest annual balance of all types of savings (the lowest balance must equal or exceed the Nisab, e.g.: $1500).
Method 2:
2.5% on the lowest monthly balance of all types of savings (the lowest balance must equal or exceed the Nisab, e.g.: $1500).
Method 3:
2.5% on the last balance upon completion of haul / one complete year (according to the Hanafi School of Law).

Disbursement
FISABILILLAH:

Fisabilillah means spending in the cause of Allah to promote Islam through da’wah:
•Training suitable candidates locally and abroad to better prepare and build on the pool of qualified da’i (missionaries)
•Providing religious classes at various levels and languages

FAKIR & MISKIN
A ‘fakir’ is one who has neither material possessions nor means of livelihood. A ‘miskin’ is one with insufficient means of livelihood to meet basic needs. Funds are disbursed to deserving poor and needy for daily household expenses, schooling needs and other geriatric requirements.

GHARIMIN, IBINISSABIL & RIQAB
This category refers to those who are in debt, the wayfarer and those in bondage. Funds are distributed to those who are in debt (money borrowed to meet basic, halal expenditure), who strive for the cause of Allah, and stranded in journey.

Allahu Mustahan

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