Conditions of Zakat

[Zakat in Practice (part 7)]

[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 on Wealth]

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Before we proceed on Zakat on Wealth, it is important to know what are the conditions of Zakat. They are:

1. Muslim
2. Full possession/ownership of wealth
3. Nisab is reached. (Nisab is the market value of 86 gram of gold.)
4. Haul is reached. (Haul is possession of assets/wealth for 1 Hijri year or 355 days.)

(To be continued)