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Takaful Zakat
Takaful Zakat
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Nisab for Takaful Zakat
| Tahun | Bulan | Harga (RM) |
|---|---|---|
|
2024 |
July - December |
27,696.00 |
|
2024 |
Januari – Jun |
24,007.00 |
|
2023 |
Julai – Disember |
23,035.00 |
|
2023 |
Januari – Jun |
20,978.00 |
Takaful Zakat Calculation Calculator
Intention for Takaful Zakat
"“This is the amount of RM............. to fulfill the obligatory Takaful Zakat on myself / on behalf of the party I represent for the year........... for the sake of Allah Ta’ala.”
Explanation
Takaful Zakat
Takaful products are a form of savings/investment that contain zakatable wealth elements and are subject to zakat obligation if they meet the required conditions.
This money can only be partially withdrawn by the contributor upon reaching a certain age during their service period or taken in full upon reaching the retirement or pension age. Apart from age-based withdrawals, it can also be withdrawn after meeting the conditions under various EPF Withdrawal Schemes.
Zakat Implications on Takaful Products
Zakat on Savings / Takaful Investment:
- Zakat on Savings / Takaful Investment:
- Family takaful policyholders are required to pay zakat annually on the withdrawable savings/investment value (cash value) only, not on the surrender value (the amount received if the policy is terminated).
- This is because the zakat ruling for savings/investments in takaful policies is the same as the zakat ruling for savings/money in financial institutions. This is due to the fact that the cash value can be withdrawn without waiting for the contract term to end with the takaful provider.
Assessment Method
[ Total savings/investment – minimum savings/investment value required in the policy ] = Cash value of the takaful policy. Basic Formula: Zakat = Takaful policy cash value x 2.5%. Combined Nisab Gold Assessment Method: Zakat = x 2.5%.
Zakat on Matured Takaful Policies
Once a takaful certificate has matured, zakat on savings is obligatory for the policyholder who receives the full cash return, which includes the cash return from the Participant’s Risk Fund as well as investment profit from the Participant’s Investment Fund.
Zakat = Maturity value of the takaful policy x 2.5%. Combined Gold Nisab Assessment Method: Zakat = x 2.5%.
Takaful Compensation
Income zakat is obligatory for the heirs of the deceased. This is done after deducting for the settlement of the deceased’s debts (zakat/debts owed to others) and performing Hajj if the deceased had not fulfilled the Hajj obligation.
Cash Return from Tabarruk Fund
Income zakat is obligatory on takaful policyholders if they receive a cash return from the Tabarruk Fund; for example, an annual cash return if there are no annual claims (such as an NCD received due to no claims).
Permanent and Comprehensive Disability Benefit
Income zakat is obligatory on takaful policyholders who receive permanent and comprehensive disability benefits due to an accident or specific illness.
Compensation from Conventional Insurance Policies
Compensation from conventional insurance policies received by the heirs does not need to be subjected to zakat as it is considered non-shariah-compliant wealth.
Only the principal payment made by the buyer of the conventional insurance policy (during the buyer’s/policyholder’s lifetime) is subject to zakat.
However, if the heirs of the policyholder are among the poor, they may take a portion of the insurance policy compensation to cover their basic needs as poor individuals. If the amount taken exceeds the nisab threshold, income zakat becomes obligatory on the
heir.
If the conventional insurance policy compensation is derived from contributions made by the employer, the heirs may use the entire amount, and income zakat is obligatory on it.
* The 94th National Fatwa Committee Meeting for Islamic Religious Affairs Malaysia, held on April 20-22, 2011, discussed the Status of Conventional Insurance Policy Compensation After the Death of the Policyholder.
Frequently Asked Questions
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