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Bank Islam pays RM8.11 mln tithes To PPZ-MAIWP
Last update: 09/04/2018

KUALA LUMPUR, April 9 (Bernama) --†Bank Islam Malaysia Bhd,†fulfilling†its obligation as a Shariah-compliant financial institution,†has contributed†RM8.11 million in†tithes†to the Zakat†Collection Centre of the Federal Territories Islamic Religious Council (PPZ-MAIWP).

The amount was†part of its†total tithe†(zakat) obligation amounting to RM13.32 million for the financial year ended Dec 31, 2017, the bank said in a statement today.

Bank Islam Chief Shariah Officer Mohd†Nazri†Chik†handed over the cheque for the amount to PPZ-MAIWP†Chairman Datuk†Che Mat Che Ali at the PPZ-MAIWP†office in†Taman Shamelin†Perkasa†here.

Mohd†Nazri said the tithe†obligation†could†help†improve the socio-economic status of the deserving recipients†and contribute to the development of the Islamic community.

"Of the zakat monies that are returned to Bank Islam by some Islamic state religious councils based on wakalah†(protection) concept for the purpose of distribution, we allocate part of it for†welfare activities†under Bank Islam's AMAL†(corporate responsibility initiative).

"Among the activities is the recently-completed Housing Assistance Project in Melaka and Kedah which benefited†31 families. We hope it will†provide them with living comfort, as well as upgrading their living standards.

"In addition, we also focus on providing educational and entrepreneurial assistance," Mohd†Nazri said.



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Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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