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Zakat is one of the Five Pillars of Islam and is a form of obligatory almsgiving for Muslims. It is a financial responsibility that requires eligible Muslims to give a certain percentage of their wealth to the needy and underprivileged.
Maybank Islamic Zakat Simpanan & Pelaburan is a service to provide Maybank Islamic’s customers with the convenience to fulfil their Zakat obligations. Through Auto Debit for Zakat Simpanan & Pelaburan via Maybank2u web and the MAE app, zakat will be automatically calculated and deducted from customers' accounts without any additional charges.
By automating their zakat payments, customers can eliminate the possibility of calculation errors and consolidate all their zakat payments for Islamic deposits and investment accounts into a single statement.
The Auto Debit for Zakat Simpanan & Pelaburan feature is currently available for participated Maybank Islamic savings and current accounts, including Daily Fund-i, Term Deposit, and Term Fund-i.
Who can apply?
Note: Not applicable to joint account holders, foreigners, Sole Proprietor, Clubs and Association.
This new feature will be available for accounts that are listed below:
Accounts that are eligible for this new feature |
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Savings & Current Account |
Daily Fund-i |
Term Deposit/Term Fund-i |
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Refer to the step-by-step guides below on how to set up Auto Debit for Zakat Simpanan & Pelaburan
Each year, the Zakat Simpanan & Pelaburan will be calculated on 31 October and the deduction will be made on 7 November. If there is insufficient balance on the first deduction date, the second deduction will happen within the next 7 calendar days (14 November). There won't be any service fees charged.
Maybank Islamic Berhad offers two methods of calculating Zakat Simpanan & Pelaburan, based on the methods recognized and adopted by participating Zakat Agencies, which equal or exceeds the minimum Nisab at the Haul (end of the saving completion period) on 31 October every year. Detailed information are as below:
Based on Total Ending Balance |
Based on Total Lowest Balance |
---|---|
= Total Account Balance as at 31 October x Zakat Rate (2.5%) |
= Total Lowest Balance as at 31 October x Zakat Rate (2.5%) |
Calculation based on Total Ending Balance:
Account Types |
Date & Year of opening |
Balance as at 31 October 2023 (RM) |
---|---|---|
Savings Account-i |
1 March 2014 |
10,000 |
Private Banking Account-i |
1 March 2018 |
70,000 |
Islamic Fixed Deposit-i |
1 March 2023 |
15,000 |
Amount (RM) |
|
95,000 |
Zakat Assessment |
|
95,000 x 2.5% = 2,375 |
Calculation based on Total Lowest Balance:
Before the year of Zakat Assessment |
Date & Year of opening |
---|---|
Current Account-i |
21 March 2020 |
Islamic Fixed Deposit-i |
19 September 2022 |
Savings Account-i |
4 May 2019 |
After the year of Zakat Assessment |
Date & Year of opening |
- |
- |
Dates |
*Balance Maintained During The Entire Haul Period of 2024 (RM) |
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Savings Account-i |
Current Account-i |
Islamic Fixed Deposit-i |
|
1 November 2023 |
20,000 |
20,000 |
20,000 |
1 February 2024 |
40,000 |
15,000 |
5,000 |
1 May 2024 |
20,000 |
7,000 |
9,000 |
6 July 2024 |
15,000 |
30,000 |
1,113,000 |
31 October 2024 |
30,000 |
30,000 |
30,000 |
Zakat Assessment |
15,000 + 7,000 + 5,000 = 27,000 x 2.5% |
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The Amount of Zakat (RM) |
RM 675 |
*At the End of Haul (31st Oct every year), the system will find the lowest balance for each account and add them together to calculate the zakatable amount.
Zakat Agency |
Nisab Rate for 2024 |
---|---|
Lembaga Zakat Selangor |
RM27,696 |
Pusat Pungutan Zakat Majlis Agama Islam WP |
RM24,198 |
Lembaga Zakat Negeri Kedah |
RM30,079.03 |
Zakat Pulau Pinang |
RM 24,200 |
Note: Nisab is the amount of wealth that a Muslim must own before being obligated to pay zakat. The Nisab rate is determined by the respective Zakat Agency and may change over the years. It can also differ from one state to another.
Click here to read the full FAQ on Auto Debit for Zakat Simpanan & Pelaburan.
Click here for T&C for Auto Debit for Zakat Simpanan & Pelaburan.
Click here for PDS for Auto Debit for Zakat Simpanan & Pelaburan.
Maybank Islamic is a member of PIDM. Protection by PIDM is subject to insurability criteria. Please refer to the list of insured deposits displayed at maybank2u.com.my for further details.
Click here for PIDM’s DIS Brochure