Silver Zakat

The evidence regarding zakat savings reads as follows:

The Prophet's words:

"When you have 200 dirhams and you have enough haul (even a year) it is obligatory to pay zakat 5 dirhams, and it is not obligatory to pay zakat (gold) unless you have 20 dinars (one of the ancient currencies used in Arab countries). If you have 20 dinars and have enough haul, it is obligatory to pay half a dinar in zakat. The same is the rate if the value increases and no zakat is required for a property except for an even year." (Hadith narrated by Abu Daud)

Meanwhile, it is also found in the Quran, which is about storing gold and silver. In surah At-Taubah verses 34-35, Allah said, "And (remember) those who hoard gold and silver and do not spend in the way of Allah, then announce to them with (retribution) an indescribable punishment. (That is) on the day when the gold, silver (and property) will be burned in hell, then their foreheads, and their ribs, and their backs will be lashed with it (while saying to (them). This is what you have kept for yourselves. , therefore taste (the punishment of) what you kept."

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.