Zakat Counter
Introduction
Zakat is one of the ibadah which Allah SWT has made obligatory to be performed by each Muslim. It is one of the five pillars of Islam. The Ulama (Muslim scholars) has defined Zakat as “a certain amount of wealth given to certain parties subject to certain conditions”.
Perbadanan TAIB provides automated Zakat on savings deduction service that gives convenience for Perbadanan TAIB’s account holders in fulfilling their Zakat obligation.
Purpose
The purpose of Perbadanan TAIB providing computerised calculation service for Zakat on savings is to facilitate Perbadanan TAIB account holders to perform Zakat obligation conveniently and effectively. Besides that, it attempts to fulfill the customers’ aspiration to obtain pure savings according to the Syariah law.
Obligatory Conditions for Zakat on Savings
- Owned by a Muslim.
- The savings are absolute ownership (completely owned).
- The money is kept not less than 12 qamariah (lunar) months or 354 days.
- Reaching nisab (savings rate upon which Zakat is due) which is equivalent or exceeds the value of 20 misqal of gold (85 gram) in the current market.
Nisab And Rates For Zakat on Money Savings
- 85-gram gold x 1 gram gold (21 Carat) according to the prevailing value. If 1 gram of gold is equivalent to B$78.20, then the nisab (Zakat due rate) for Zakat on savings is 85 gram of gold x B$78.20 = B$6,647.00.
- 2.5% or 1/40
- The nisab Zakat is determined by Majlis Ugama Islam Brunei (MUIB), Ministry of Religious Affairs and subject to change. For the latest nisab Zakat, please refer to the official website of the Ministry of Religious Affairs at https://www.mora.gov.bn/
The Advantage of Paying Zakat
- Inculcate generosity.
- To cure selfishness and greed.
- Cleanse the envy that the poor may have towards the rich.
- Add the blessing of a property.
- Preventing the penalty of “akhirat” (hereafter) as a result of selfishness and greed.
Information Required
- Customers are required to fill in the consent form for auto-deduction of Zakat on savings from their savings account during or after opening an account.
Basic Zakat Calculation
Perbadanan TAIB Zakat Calculator only serves to provide estimates on payment of Zakat for savings only.
Example of Calculation Method for Zakat on Money Saving
| Date (Hijrah) | Saving | Withdraw | Balance |
|---|---|---|---|
| 01/06/1444 | $7,000.00 | $7,000.00 | |
| 04/09/1444 | $10,000.00 | $16,000.00 | |
| 20/09/1444 | $3,000.00 | $14,000.00 | |
| 09/11/1444 | $500.00 | $13,500.00 | |
| 15/12/1444 | $2,000.00 | $11,500.00 | |
| 17/01/1445 | $4,500.00 | $7,000.00 | |
| 11/02/1445 | $1,000.00 | $8,000.00 | |
| 11/03/1445 | $1,000.00 | $9,000.00 | |
| 01/03/1445 | $2,300.00 | $6,700.00 | |
| 07/04/1445 | $500.00 | $7,200.00 | |
| 29/05/1445 | $1,000.00 | $8,200.00 |
From the above example of savings transactions by the depositor, the depositor is due to pay Zakat on savings as he/she has fulfilled the following requirements:
- The savings are completely owned by the depositor
- The savings have reached the haul period (one lunar year) which commenced from 1 Jamadilakhir 1444 and ended on 29 Jamadilawal 1445
- The lowest balance during the haul is $6,700.00 which exceeds the nisab Zakat.
The lowest balance during haul is $6,700.00 which exceeds limit B$6,647.00.
The calculation as follow:
$6,700.00 x 2.5% or $6,700.00 x 1/40 = B$167.50