Zakat (tithes) is one of the ibadah (duty) which Allah SWT has made it obligatory to be performed by each Muslim. It is one of the five pillars of Islam. The Ulama (Muslim scholars) has defined Zakat as “A determined amount of wealth given to certain parties subject to certain conditions”.
Perbadanan TAIB provides computerised calculation service for zakat on savings to help savings account holder in Perbadanan TAIB.
The purpose of Perbadanan Tabung Amanah Islam Brunei providing computerised calculation service for zakat on savings is to facilitate Perbadanan TAIB account holders to perform zakat obligation conveniently and effectively. Besides that, it attempts to fulfill the customers’ aspiration to obtain pure savings according to the syariah law.
Obligatory Conditions for Zakat on Savings
- Owned by a Muslim.
- The saving is an absolute ownership (completely owned).
- The money is kept not less than 12 qamariah (lunar months) or 354 days.
- Reaching nisab (saving rate upon which zakat is due) which is equivalent or exceed the value of 20 misqal of gold (85gram) in the current market.
Nisab And Rates For Zakat on Money Savings
- 85 gram gold x 1 gram gold (21 Carat) according to the prevailing value. If 1 gram of gold is equivalent to B$58.00, so the nisab (zakat due rate) for zakat on money saving is 85 gram of gold x B$58.00 = B$4,930.00.
- 2.5% or 1/40
The Advantage of Paying Zakat
- Inculcate generosity.
- To cure selfishness and greed.
- Cleanse the envy that the poor may have towards the rich.
- Add the blessing of a property.
- Preventing the penalty of “akhirat” (hereafter) as a result of selfishness and greed.
- Customers are required to fill in the consent form for withdrawal of zakat on savings during the first visit only.