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

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• 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’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.

• How is income zakat calculated?

  There are two guidelines for calculating income zakat: 1. Gross annual income (if it exceeds the nisab) × 2.5% = zakat amount payable 2. Net income (income exceeding nisab minus allowable basic expenses) × 2.5% = zakat amount payable

• What is the ruling on paying zakat in a state other than the state of employment?

  Basically, zakat can be paid in a different state than the place of employment, as long as it is distributed to eligible zakat recipients (asnaf). However, it is more virtuous (afdhal) to pay zakat in the place where the wealth is earned or owned. ...

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

  Zakat must be paid every year as long as the savings remain above the Nisab and meet the haul requirement.