Zakat is an obligation for every able Muslim. However, is zakat required on ASB savings? In this context, ASB zakat refers to zakat imposed on the accumulated ASB savings amount. Since ASB savings are a form of investment, they are considered assets subject to zakat.
ASB Ruling: Halal or Haram?
In the world of Islamic finance, ASB or Amanah Saham Bumiputera is often a topic of discussion. A common question that arises is whether ASB is halal or haram. As part of an investment instrument, it is important to understand the legal status of ASB in Islam.
Method and Calculation of ASB Savings Zakat
To calculate ASB savings zakat, you need to consider several key factors. Firstly, it is essential to know the nisab of ASB zakat for the year 2023. Nisab is the minimum amount of wealth that requires zakat payment. For the year 2023, from July to December, the ASB zakat nisab is RM23,035. If your ASB savings exceed this nisab, you are required to pay zakat.
Understanding the ASB zakat calculation method is essential to ensure individuals can accurately calculate the zakat amount to be paid. The following are the steps involved in the ASB zakat calculation:
Determine the ASB Savings Amount
The first step is to determine the amount of ASB savings you own on a specific date. You can refer to your ASB account statement or use the official ASNB portal to obtain information about your ASB savings. This includes all amounts accumulated in your ASB account.
Deduct Debt Amount
If you have any outstanding debts that need to be paid, the next step is to deduct the debt amount from your ASB savings. This is because zakat needs to be calculated based on the net wealth you own. Therefore, deducting the debt amount will help you obtain a more accurate net ASB savings amount.
Determine the Net ASB Savings Amount
After deducting debts from your ASB savings, you will get the net ASB savings amount. This is the actual amount that will be used to calculate ASB zakat. The net ASB savings amount is the total assets you own after deducting the amount of debt that needs to be paid.
Calculate the Zakat Amount
After obtaining the net ASB savings amount, the next step is to calculate the zakat amount to be paid. ASB zakat is 2.5% of the net ASB savings amount you own. You can use the ASB zakat calculator provided to help you calculate the correct zakat amount.
Pay ASB Zakat
After determining the amount of zakat that needs to be paid, the final step is to pay it to the rightful zakat recipients. You can make the ASB zakat payment through recognized zakat institutions or by using the online zakat payment services provided. It is important to ensure that the zakat payment is done correctly and delivered to those entitled to receive zakat.
By following the above steps, individuals can calculate and pay their ASB zakat accurately. Proper calculation will ensure the fulfillment of zakat obligations and uphold the integrity of the zakat system in Islam.
