Children’s Savings Above Nisab Value Are Subject To Zakat Payments
Muslims wondering how much zakat to pay should take note that their children are also expected to contribute to the tithe.
Ahmad Husni Abdul Rahman, assistant manager of the Shariah and Special Information Unit of the Federal Territory Islamic Council’s Zakat Collection Centre (PPZ-MAIWP), said that many are still unaware of the requirement. Blaming it on the lack of information around the different types of zakat.
On the whole, children with savings above the nisab value are expected to pay zakat according to the rate set by the PPZ-MAIWP. The rate this year is set at 2.5%, while the nisab value has been determined to be RM13,968.
Seeing that children are usually unable to pay the zakat, it can be done for them through their parents or guardians.
Ahmad Husni clarified that this requirement is not specific to children, and applies to all muslims.
The nisab amount covers all savings accounts; which is calculated cumulatively. Which indicates that parents should be aware of the total savings that they have set up for their children.