[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]
Before we proceed on Zakat on Wealth, it is important to know what are the conditions of Zakat. They are:
- Muslim
- Full possession/ownership of wealth
- Nisab is reached. (Nisab is the market value of 86 gram of gold.)
- Haul is reached. (Haul is possession of assets/wealth for 1 Hijri year or 355 days.)
(To be continued)
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