What are the types of Zakat?
In general, zakat is divided into two categories:
1. Zakat Fitrah (Physical Zakat) – Given during the month of Ramadan.
2. Zakat on Wealth (Zakat Mal) – Involves the following types of wealth:
i. Salaries
ii. Income
iii. Business
iv. Savings
v. EPF
vi. Shares / Bonds
vii. Gold
viii. Silver
ix. Agriculture (Paddy)
x. Livestock
xi. Minerals and Treasures
xii. Cryptocurrency
Related Articles
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 is Zakat?
Zakat's Position in Islam: Fulfilling (paying) zakat is the third PILLAR OF ISLAM. It is obligatory upon every Muslim who meets all the required conditions to pay zakat. The Ruling on Fulfilling Zakat: Zakat is a personal obligation (Fardhu Ain) upon ...
If there are many types of cryptocurrencies, how should it be handled?
If many type of cryptocurrencies, it should be calculate as below: Formula : [ Units of cryptocurrency and digital assets x current price (at end of haul) ] 1. Calculate for each cryptocurrency owned. Sum up the total 2. Total value of all ...
Zakat and Tax
INCOME TAX TREATMENT ON ZAKAT [REBATE] Income Tax Act (ACP) 1967, Section 6A (3): All zakat payments (including overdue zakat) can be deducted from individual income tax based on Section 6A(3) of the Income Tax Act 1967 in the same year. SCHEDULED ...
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.