What is Zakat on cryptocurrency?
Cryptocurrency refers to a form of currency developed using blockchain and digital technologies. According to the decision of the Selangor State Fatwa Committee meeting held on 17 August 2021, it is deemed harus (permissible) to engage in transactions involving digital currencies. This includes their use as a medium of exchange, for remittance purposes, and as a store of value.
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How is the calculation method for Zakat on cryptocurrency?
Method for Calculating Zakat on cryptocurrency The formula: Units of cryptocurrency and digital assets x current price (at end of haul) x 2.5% = Total Zakat Example: Mr. Ali owns 0.2 units of Bitcoin (BTC) which has met the haul requirement. The ...
What is the ruling on zakat for cryptocurrency and digital assets?
Cryptocurrency and digital assets that are backed by currency (gold, silver, or fiat money) fall under the category of Currency (as-Sarf), and their zakat ruling is analogized to the zakat on currency. Cryptocurrency and digital assets that are not ...
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 ...
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 ...