[Zakat in Practice (part 5)]
[Introduction: This series is a sharing on zakat from the perspective of a financial planner. It is hoped to be educational, informative as well as practical to help readers better understand Zakat, especially Zakat on Wealth, as a Muslim in Singapore.
Topics to include: Zakat on Investment, Zakat on Savings, and Zakat on Estate.]
[Previously: Zakat in Practice (part 4) ]
Do I have to pay zakat on wealth in Ramadan? Not necessarily so.
While Zakat al-Fitr is bound to Ramadan, Zakat on Wealth is bound to:
- Nisab (“minimum sum”)
- Haul (holding period of one Hijri year)
Your haul may not fall in Ramadan. Rather, it may fall way before Ramadan, such as your investment financial year ending in December.
Hence, holding your zakat payment (on wealth) till Ramadan would mean you’re either delaying it (which is frowned upon) or paying it in advance (which shouldn’t be the case, as you’ve yet to fulfil the requirement of haul).
However, Dr Haniff Hassan did clarify to me that payment of zakat on wealth is regarded as an obligation that is muwassa’: literally means vast, whereby one can choose to pay it early (or in advance) or later.
(In the continuation of this series, I’ll be focusing more on Zakat on wealth, as this series is in the perspective of a financial planner. Moreover, our asatizah would have covered or be revisiting Zakat al-Fitr in this few weeks to Ramadan.)
(To be continued)