Is it true that savings that have reached haul and nisab only need zakat in the first year?

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• What types of zakat can be calculated and paid through MyEG?

  The list and types of zakat that can be calculated and paid through MyEG according to the respective State Islamic Religious Councils are as shown in the table below: PPZ - MAIWP 1. Zakat on Income 2. Zakat on Business 3. Zakat on Gold 4. Zakat on ...

• What’s the difference between savings zakat and income zakat?

  Savings zakat is based on accumulated funds that exceed nisab for a year. Income zakat is imposed on regular earnings exceeding nisab.

• What is Nisab and why does the Nisab rate differ in each state?

  Nisab is the minimum threshold of wealth liable for zakat (that has completed a haul – one full year). Nisab is calculated based on the current price of 85 grams of gold. The rate of nisab differs among states because gold prices vary based on each ...

• Should zakat be paid immediately on gifts/inheritance/EPF/will funds, or wait a year?

  Yes, it is encouraged to pay zakat immediately, or one may wait until a year (haul) passes.

• I withdrew money from my EPF savings. Do I need to pay zakat on it?

  You must pay 2.5% of the total withdrawn amount as obligatory zakat (Al-Mal Al-Mustafad).