What is Zakat?


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.

What is Zakat Simpanan & Pelaburan


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.

Eligibility


Who can apply?

  • Individual account holders
  • Malaysian citizens aged 18 years old and above.

Note: Not applicable to joint account holders, foreigners, Sole Proprietor, Clubs and Association.

Participating Accounts


This new feature will be available for accounts that are listed below:

Accounts that are eligible for this new feature

Savings & Current Account

Daily Fund-i

Term Deposit/Term Fund-i

  • Basic Savings Account-i
  • Basic Current Account-i
  • Savings Account-i
  • Current Account-i
  • Maybank2u Savers-i
  • Personal Savers-i
  • Flexi Saver-i
  • Master Foreign Currency Account-i
  • MAE
  • Golden Savvy Account-i
  • Zest-i Account
  • Private Banking Account-i
  • Premier Mudharabah Account-i
  • Prosperous Now! Account-i
  • Islamic Fixed Deposit-i
  • General Investment Account-i

How to apply for Zakat Simpanan & Pelaburan?


Calculation


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)

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%

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.

FAQ


  1. Is this service mandatory for all individual customers?
    This service is recommended to Muslim customers as zakat on savings and investment is a compulsory levy on each Muslim who has wealth which equals to or more than a minimum Nisab.
  2. Will all customers whose accounts are eligible to be assessed be subject to Auto Debit for Zakat Simpanan & Pelaburan?
    No, only customers who possess savings and investments equal to or more than the specified Nisab for a given duration be liable for zakat collection.
  3. Is this service for Islamic accounts only?
    Yes, this service is only available for Islamic accounts. If the customer has both categories of Islamic and Conventional accounts, only the Islamic accounts will be assessed for zakat collection.
  4. Will customers be charged for this service?
    No, customers will not be charged any service fees.

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