09/05/2019
Have you settled you Zakat Payments?
A common question and a crucial topic. “Faliq. I hear on radio. About this zakat thingy. What is it about ah? I need to pay or not? How much ah?”
Zakat is one of the 5 pillars of Islam. Along side with Shahadah, your 5 daily prayers, Fasting and Hajj. So, it is as important as these compulsory item.
So, there are two types Zakat. Zakat Fitrah and Zakat Harta.
Zakat Fitra is usually paid by the father. As long as the dad is in excess of his own needs and all his defendants are well taken care of. He has to pay zakat. But of course, you ,as an individual, can pay your own zakat as long as you can afford
It. It’s $7 for the higher rate and $5 for the lower rate. Not compulsory on you if you are not the dad/husband but highly encourage.
So yeah. Now you understand why you scold people when your friend play with your head cause “eh.. bapak aku bayar fitra. Bukak bapak Kau.” That sort.
Next.
For Zakat Harta on the other hand, it’s a bit tricky.
Basically, there are 2 criterias to paying Zakat Harta
1. From this ramadhan to the previous ramadhan, ask yourself. Have your savings (combined from everywhere) reach below $4964 (this value is called Nisab value. Taken by the muis website). If yes. Then, you are exempted from paying this zakat fitra. See you next year. If no, look at point 2.
2. So, if your savings have been more than $4964 throughout that whole Islamic year, then, it is mandatory upon you to pay your zakat Harta.
“How much ah Faliq?” Good question. Okay. Read properly. You have to take 2.5% multiply by the lowest savings balance that you have from this ramadhan to the previous.
For example.
Balance in
June - $6900
July - $10000
August - $18000
Sept - $12990
Oct - $6188
Nov - $6000
Dec - $5000 (lowest)
Jan - $59000
Feb - $71628
March - $6382
April - $10020
May - $6678
June - $71717
In this case senario, you take $5000 times 2.5%. This $125 belongs to Allah. Notice you savings can fluctuate like crazy but Allah only wants 2.5% of your lowest amount. MasyaAllah. Again, if you want to give more. By all means. Allah will repay you back in multiple folds. Go to any mosque, tell the counter. You wanna pay zakat Harta. Promocode: Faliqtheman (and get bubur free). I’m kidding.
Hope this clears abit of doubt that you have for the pass few years and give you a quick recap. For those who have better knowledge, I’m still learning. Please correct me if I am wrong.
Bear in mind guys, this is only Zakat on savings. There is Zakat on CPF, insurance, business, gold etc. that one will be another module on its own which I will not cover.
May Allah make it easy for you to give your zakat. May Allah clear your heart if and when you found out that you have to give $10k of Zakat. May Allah accept our ramadhan. Amin.
There are also ways to increase your Zakat contributions but that’s anothe topic on it’s own. Drop me a text at 91999921 if you are keen to know more.
And also do leave in the Pm/comment below if all these are all helpful ya. Keeps me going. 🙂
