Zakat Counter
Introduction
Zakat (tithes) is one of the ibadah (duty) which Allah SWT has made it 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 determined amount of wealth given to certain parties subject to certain conditions”.
Perbadanan TAIB provides computerised calculation service for zakat on savings to help savings account holder in Perbadanan TAIB.
Purpose
The purpose of Perbadanan Tabung Amanah Islam Brunei 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 saving is an absolute ownership (completely owned).
- The money is kept not less than 12 qamariah (lunar months) or 354 days.
- Reaching nisab (saving rate upon which zakat is due) which is equivalent or exceed the value of 20 misqal of gold (85gram) 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$58.00, so the nisab (zakat due rate) for zakat on money saving is 85 gram of gold x B$58.00 = B$4,930.00.
- 2.5% or 1/40
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 withdrawal of zakat on savings during the first visit only.
Basic Zakat Calculation
TAIB Zakat Calculator only serves to provide estimates on payment of Zakat for money saving only. For accurate calculation please visit TAIB Zakat counter at any TAIB branch.
Obligatory Conditions for Zakat on Savings
- Owned by a Muslim
- The saving is an absolute ownership (completely owned)
- The money is kept not less than 12 qamariah (lunar months) or 354 days
- Reaching nisab (saving rate upon which zakat is due) which is equivalent or exceed the value of 20 misqal of gold (85 grams) in the current market
Nisab and Rates for Zakat on Money Savings
- 85 gram gold x 1 gram gold (21 Carats) according to the prevailing value. If 1 gram of gold is equivalent to B$58.00, so the nisab (zakat due rate) for zakat on money saving is 85 grams of gold x B$58.00 = B$4,930.00 (*This is example only, please check the real value of 1 gram of gold)
- 2.5% or 1/40
Example of Calculation Method for Zakat on Money Saving
| Date (Hijrah) | Saving | Withdraw | Balance |
|---|---|---|---|
| 01/06/1435 | $6,000.00 | $6,000.00 | |
| 04/09/1435 | $10,000.00 | $16,000.00 | |
| 20/09/1435 | $3,000.00 | $13,000.00 | |
| 09/11/1435 | $500.00 | $12,500.00 | |
| 15/12/1435 | $2,000.00 | $10,500.00 | |
| 17/01/1436 | $5,000.00 | $5,500.00 | |
| 11/02/1436 | $1,000.00 | $6,500.00 | |
| 11/03/1436 | $1,000.00 | $7,500.00 | |
| 01/03/1436 | $2,500.00 | $5,000.00 | |
| 07/04/1436 | $500.00 | $5,500.00 | |
| 29/05/1436 | $1,000.00 | $6,500.00 |
From the above example of saving transaction by the depositor, the depositor is due to pay zakat as he/she has fulfill the following requirements:
- The money saving is completely owned
- The saving has reached the haul (one lunar year) which commence from 1 Jamadil Akhir 1435 to 29 Jamadil Awal 1436
- The lowest balance during the haul is $5,000.00 which exceed the nisab level.
The lowest balance during haul is $5,000.00 which exceed limit B$4,930.00.
The calculation as follow:
$5,000.00 x 2.5% or $5,000.00 x 1/40 = B$125.00