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Zakatvstaxes 140219133811 Phpapp02
Zakatvstaxes 140219133811 Phpapp02
Zakatvstaxes 140219133811 Phpapp02
DEFINITION OF ZAKAT
In Arabic terms, zakat literally means
- Purification ( Purify ones heart of Greed)
- Growth
Zakat in Islamic finance refers to the obligation
that an individual has to donate a certain
proportion of wealth each year to charitable
causes.
PILLARS OF ISLAM
WHAT IS NISAB?
WHAT IS HAUL?
Cukup Haul or Wealth must be exactly or
more than a year old
Zakatable income and wealth that is fully owned
must be in the payers possession for at least a year
8 ASNAF OR BENEFICIARIES OF
ZAKAT
The Poor (Fuqara)
The Needy (Masakin)
The Zakat collector (Amilun)
Muallaf
Slaves (Riqab)
Those who are in debt (Ghanimun)
Way-farer (Ibnu Sabil)
For the cause of Allah (Fisabillilah)
ZAKAT FITRAH
FITR
DEFINITION
Ramadan ) .
CLASSIFICATION
wajib
PURPOSE
To provide the poor with a means with which they can celebrate the festival
of breaking the fast (`Eid al-Fitr) along with the rest of the Muslims.
1.As a levy on the fasting person.
-This is based on the hadith: The Prophet of Allah said, "The fasting of the month of
fasting will be hanging between earth and heavens and it will not be raised up to the
Divine Presence without paying the Zakat al-Fitr.
2.To purify those who fast from any indecent act or speech and to help the poor and
needy.
PRODUCTION TIME
1.
2.
8 SUBSIDIARIES OF ZAKAT
Zakat on Earning
Zakat on Business
Zakat on Savings
Zakat on Gold & Silver
Zakat on Shares
Zakat on KWSP / EPF
Zakat on Farming
Zakat on Livestock
ZAKAT ON EARNINGS
If you have been working for more than a year
and earning an income thats above the Nisab
amount, you are obliged to perform your Zakat
Pendapatan.
Zakat on earning is obviously calculated from
your earnings (much like your income tax).
ZAKAT ON BUSINESS
Means performing zakat based on business
earnings. The term business refers to any types
of business like Manufacturing, mining, fishing
etc.
CONDITION OF ZAKAT ON BUSINESS
Only Muslim shares is subjected to Zakat
Compulsory for Halal Assets only
Haul-period terms
ZAKAT ON SAVINGS
FIXED DEPOSIT
BASIC SAVINGS
gold jewelry
The gold that the person purchase or
use as an ornament or decoration
that over the nisab, they must pay
the zakat.
The nisab of this gold is about 800
grams.
The formula is:
(gold weight x current price x 2.5%)
SILVER
For
ZAKAT ON SHARE
The
1 : shares owned at
the end of one full year. Zakat
rate is 2.5% on the lowest cost
and the market value
The formula is: (unit of shares
x lowest price cost x 2.5%)
Example
2: Shares purchases
within a year. The zakat is
calculated based on 2.5% on the
value of shares after deducting
the cost of purchasing new
shares
The formula is: (the value of
shares-the cost of purchasing
new shares)
ZAKAT ON EPF
In
For
Scheme to purchase a
house
Withdrawal Scheme to redeem
housing loan
Members children education
withdrawal scheme
ZAKAT ON FARMING
Imposed
field)
Nisab ( the nisab measurement is
Ausuk or 363 bushel in Malaysia or
1360 kg of rice produced from the
farming of paddy)
Staple food must be planted by
human
Farming
of non-staple
food like coconut, palm oil,
rubber tree, black pepper,
cane, cocoa and others that
are grown for business
purposes will be imposed
with business zakat.
ZAKAT ON LIVESTOCK
Zakat
Total
number of
cow
Number of
cow for
zakat
age
30
40
60
1 calf
1 cow
2 calves
1 year
2 year
1 year
70
A cow & a
calf
1 year or 2
year
BENEFITS OF ZAKAT
It stated in the Hadith that by giving zakat the
following benefits are derived;
Increase in Wealth