Silver Zakat

The evidence regarding zakat savings reads as follows:

The Prophet's words:

“Apabila kamu mempunyai 200 dirham dan telah cukup haul (genap setahun) diwajibkan zakatnya 5 dirham, dan tidak diwajibkan mengeluarkan zakat (emas) kecuali kamu mempunyai 20 dinar (salah satu matawang zaman dahulu yang digunakan di negara Arab). Apabila kamu mempunyai 20 dinar dan telah cukup haulnya diwajibkan zakatnya setengah dinar. Demikian juga kadarnya jika nilainya bertambah dan tidak diwajibkan zakat bagi sesuatu harta kecuali genap setahun.” (Hadis riwayat Abu Daud)

Sementara itu, ia juga terdapat dalam al-Quran, iaitu mengenai simpanan emas dan perak. Dalam surah At-Taubah ayat 34-35, Allah berfirman, “Dan (ingatlah) orang-orang yang menyimpan emas dan perak serta tidak membelanjakan ke jalan Allah, maka khabarkanlah kepada mereka dengan (balasan) azab seksa yang tidak terperi sakitnya. (Iaitu) pada hari dibakar emas, perak (dan harta benda) itu dalam neraka jahanam, lalu diselar dengannya dahi mereka, dan rusuk mereka, serta belakang mereka (sambil dikatakan kepada (mereka). Inilah apa yang telah kamu simpan untuk diri kamu sendiri, oleh itu rasalah (azab daripada) apa yang kamu simpan itu.”

It can be seen here how important it is for us to pay zakat savings so that our wealth and savings will be pleased with Allah SWT.

So, who is obliged to pay this savings zakat and what is the nisab? For information, nisab zakat adalan savings is equivalent to the value of 85 grams of gold. As of July-December 2022, the value of this nisab is equivalent to RM21,432. This amount is also equivalent to 595 grams of silver value, for those who want to pay zakat on savings on silver items.

This means, if your savings exceed RM21,432 (or any value during zakat savings in the respective state), you are obliged to pay zakat savings after sufficient haul. Haul savings zakat when enough for a year. Therefore, after the haul period is enough, zakat savings must be charged on the last balance of the haul period. Most of the savings zakat payers calculate the haul from January to December. With that, this savings zakat payment can be deducted from the annual tax paid to the Inland Revenue Board. However, if you want to pay zakat savings at another time, it is not a problem as long as you have enough haul for this year.

For zakat payers who calculate the haul according to the Christian calendar, you need to know that the rate recommended by the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI) is 2.577%. This is because the duration of one year in the Christian calendar is longer than the duration of a year according to the Hijrah year calendar. However, don't worry because the amount of savings zakat charged is certainly not much different.

If your savings reach the nisab rate for zakat on savings, the zakat rate imposed is 2.5% For example, if the total amount of your savings from all sources is RM22,000, the calculation of the obligatory zakat rate on savings is as follows:

2.5% x RM22,000 = RM550

Therefore, the amount of savings zakat that must be paid that year is as much as RM550.

Zakat savings
can be paid online by filling out the form above.

Happy fulfilling the obligation to pay zakat savings.