Zakat on Wealth

[Zakat in Practice (part 6)]

[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: Do I have to pay Zakat on wealth in Ramadan?]

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Zakat on Wealth, as practiced in Singapore, is applicable on:

• Gold
• Savings
• Shares/Investment
• Insurance
• Business
• CPF*

(Ref.: https://www.muis.gov.sg/Zakat/About/Zakat-in-Islam)

It is to be highlighted that Zakat on Wealth no longer applies for CPF. However, I will be addressing Zakat on CPF in a subsequent post for discussion sake, to highlight a learning point.

This learning point is important as it will explain my premise and perspective as a financial planner in viewing Zakat on Wealth as a whole in practice.

(To be continued)