Page 18 - Obligatory Zakat Made Easy

ZAKAT ON SAVINGS

Definition

Money that is deposited in a savings account whether
fixed deposit, current savings, ASB or other forms of
deposits at a bank or any financial institution.

Zakat Rate
2.5% zakat is imposed on the total of savings balance at
the end of the year equivalent or more than the nisab.

Calculation Method
Table: Account 1

Date Withdrawal Deposit / Balance
(RM) Dividend (RM) (RM)
01/01/xxxx - 20,000.00 20,000.00
23/04/xxxx 2,000.00 - 18,000.00
30/05/xxxx - 5,000.00 23,000.00
10/07/xxxx 3,000.00 - 20,000.00
12/08/xxxx 2,500.00 - 17,500.00
11/11/xxxx - 2,000.00 19,500.00
31/12/xxxx - 1,000.00 20,500.00
Balance at the end of the term is RM20,500.00.
It exceeds the nisab and completes a year.

Calculation Example

Savings closing balance of the year x 2.5%
Account 1 closing balance (table example) : RM 20,500.00
Account 2 closing balance : RM 2,500.00
Total savings : RM 23,000.00
Zakat (RM23,000.00 x 2.5%) RM 575.00

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