Calculate & Pay Zakat On Savings

Calculate & Pay
Zakat On Savings

Pay Zakat On Savings

Here is the amount of RM ……. as I pay Zakat on Savings which is obligatory on myself/the party I represent for the year ………… in the name of Allah SWT.

Zakat on Savings

Jumlah Minima: RM10

RM

Jumlah Minima:RM10

Jumlah Maksima:RM30,000

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Zakat On Savings Selangor

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100% LHDN Tax Rebate

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Zakat on Savings
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Pay Zakat on Savings Easily

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Benefits of Paying Zakat

100% Individual
Tax Rebate

Zakat payers will receive 100% tax rebates from the Inland Revenue Board of Malaysia (LHDN)

2.5% Business Tax Rebate

Company will receive a 2.5% tax rebate from the Inland Revenue Board (LHDN).

Directly To Selangor Zakat Board

Your zakat payment will go directly to the bank account of the Selangor Zakat Board, without passing through any other entity's account

Zakat Distributed To Asnaf

The collection of Zakat proceeds is directly channeled to the Asnaf groups in Selangor through the Selangor Zakat Board

Choose & Calculate

Zakat On Income
100% Tax Rebate
Zakat Fitrah
100% Tax Rebate
Zakat On EPF
100% Tax Rebate
Zakat On Gold
100% Tax Rebate
Zakat On Investments
100% Tax Rebate
Zakat On Livestock
2.5% Tax Rebate
Zakat On Business
2.5% Tax Rebate
Zakat On ASB
100% Tax Rebate
Zakat On Gold Jewelry
100% Tax Rebate
Zakat On Stocks
100% Tax Rebate
Zakat On Crops
2.5% Tax Rebate
Qadha of Zakat
100% Tax Rebate
Zakat On Savings
100% Tax Rebate
Zakat On Assets
100% Tax Rebate
Zakat On Gratuity
100% Tax Rebate
Zakat On Takaful
100% Tax Rebate
Zakat On Paddy
2.5% Tax Rebate
Qadha Zakat Fitrah
100% Tax Rebate

Select Type of Zakat

Zakat On Income
100% Tax Rebate
Zakat On Business
2.5% Tax Rebate
Zakat On EPF
Zakat On Savings
Zakat On Gold
Zakat On ASB
Qada' Zakat Fitrah
Zakat On Assets
Zakat On Investment
Zakat On Stocks
Zakat On Takaful
Zakat On Livestock
Zakat On Paddy
Zakat On Plantation
Zakat Gold Jewelry

Benefits of
Paying
Zakat on Savings

100% Individual
Tax Rebate

Zakat payers will receive 100% tax rebates from the Inland Revenue Board of Malaysia (LHDN)

2.5% Business
Tax Rebate

Company will receive a 2.5% tax rebate from the Inland Revenue Board (LHDN).

Directly To Selangor
Zakat Board

Your zakat payment will go directly to the bank account of the Selangor Zakat Board, without passing through any other entity's account

Zakat Distributed
To Asnaf

The collection of Zakat proceeds is directly channeled to the Asnaf groups in Selangor through the Selangor Zakat Board

Choose & Calculate

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Zakat on Savings

Zakat is a form of mandatory charitable giving in Islam that is required of all Muslims who are financially able to do so. It is typically calculated as a percentage of a person’s wealth and is distributed to those in need, such as the poor, orphans, and widows. 

 

In terms of zakat on salary or savings, it is important to note that zakat is only required on accrued wealth, including cash, investments, and savings that are above a certain threshold known as the “nisab.” The nisab is the minimum amount of wealth that a person must have at the end of the period of “haul”, typically a period of one year, before zakat is required. This threshold is based on the value of 85 grams of gold, and is currently set at approximately RM21,432 in 2022 in Malaysia. This amount is also equivalent to 595 grams of silver, for those who want to pay zakat on savings on silver items.  

What Is Zakat On Savings

If you have savings that are above the nisab and are not being used for necessary expenses, such as food, shelter, and medical care, then these savings may be subject to zakat on salary or savings. The specific zakat percentage on savings that is applicable will depend on your financial situation and the guidelines of your particular school of Islamic thought, as well as your location of residence. It is generally recommended to consult with a qualified Islamic financial advisor or scholar to determine the correct amount of zakat that is required in your specific situation. 

 

Savings zakat is charged on an individual’s savings but can also be applied to other objects that can be adopted in general in the business of buying and selling. Examples of these objects are gold or silver that can be used as currency. In fact, zakat on savings can also be charged on investments, shares held, savings bonds, and other types of savings. All these factors need to be included when calculating zakat on savings every year. If it meets the requirements of a form of savings, including savings in a bank or any financial institution, then it is required to be paid under zakat for savings.

Zakat on savings: Single vs Multiple accounts

Most savings that are over the nisab threshold are subject to zakat, including the following:

  • Deposits in banks or financial institutions
  • Monetary savings outside of financial institutions
  • ASB savings
  • Savings bonds 
  • Any shares in a company
  • Long term investment
  • Other types of savings such as gold and so on

 

All these types of savings need to be calculated for their total value to see if they reach the latest nisab value. If you have multiple accounts, the zakat percentage on savings is calculated based on the total value of all your wealth or savings combined, and not one by one according to each individual account. This means that the zakat on savings is taken as follows:

 

Savings balance in bank account + money saved at home + ASB savings + shares + long term investment + other savings, gold, wealth = More than RM21,432, then you are required to pay zakat for savings.  

 

Meanwhile, there are also savings that do not need to be taken into account when making your savings zakat payment. Examples of this savings are savings in Tabung Haji and savings in Bank Islam accounts. This is because these institutions have already issued zakat on your behalf. Therefore, you need to know and make sure which accounts should be subject to zakat on savings every year and which do not have to be taken into account. 

 

For zakat payers who calculate the haul according to the Gregorian calendar instead of the Islamic 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 Gregorian or conventional calendar is longer than the duration of a year according to the Islamic Hijri year calendar. However, the discrepancy isn’t a lot so it shouldn’t be a problem which calendar you choose to follow as your haul baseline.

Zakat On Savings Calculations

If your savings reaches the nisab rate, the amount of how much to pay zakat on savings is 2.5% of your savings amount. This is based on the hadith which states that Ali narrated that the Messenger of Allah (SAW) said: 

 

“When you possess two hundred Dirhams at the end of the year (if you still have all of them), five Dirhams are levied on them as Zakat. There is nothing upon you (to be paid) in gold, until it reaches (the value of) twenty Dinars. When you possess twenty Dinars, at the end of the year, then there is half a Dinar levied on it (as Zakat). Any additional amount will be calculated in the same manner. No Zakat is to be paid on monetary holdings, until they have been owned for one year.” [Abu Dawud]  

 

For example, if your total savings from all savings sources amount to RM22,000, the calculation of the compulsory 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.

 

If you’d like to calculate your zakat on saved money at the end of the haul, use our calculator here. You can also opt to pay online by filling out the form on the page as an easy way to fulfill your obligations of paying zakat on saved money.



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Tunaikan Zakat
Dengan Mudah

Kelebihan Membayar Zakat

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Rebat Cukai
Individu 100%

Pembayar zakat akan mendapat rebat cukai dari Lembaga Hasil Dalam Negeri (LHDN)

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Rebat Cukai
Perniagaan 2.5%

Pembayar zakat akan mendapat 2.5% rebat cukai dari Lembaga Hasil Dalam Negeri (LHDN)

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Terus ke
Lembaga Zakat Selangor

Hasil kutipan zakat disalurkan terus ke golongan Asnaf, mulalui Lembaga Zakat Selangor

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Agihan Terus
Ke Asnaf-Asnaf Di Selangor

Hasil kutipan zakat disalurkan terus ke golongan Asnaf, mulalui Lembaga Zakat Selangor

Khidmat Taksiran Zakat

Bayar Zakat
Hidup Berkat

Terdapat beberapa dalil yang merujuk kepada kewajipan berzakat. Allah SWT berfirman (maksudnya):

“Dan dirikanlah kamu akan sembahyang serta keluarkanlah zakat
dan taatlah kepada Rasul supaya kamu beroleh rahmat”
[Surah An-Nur (ayat 56)]

Pilih Jenis Zakat