KUALA LUMPUR, May 7 (Bernama) -- Bank Muamalat Malaysia Bhd has launched the Ez-Zakat Muamalat, a facility to calculate and deduct zakat automatically on savings and current accounts to assist Muslim depositors in fulfilling their obligation.
The facility was forged through cooperation between Bank Muamalat and Lembaga Zakat Selangor (LZS) of the Selangor Islamic Religious Council (MAIS), with the signing of an agreement document here today.
Bank Muamalat was represented by its chief executive officer, Datuk Redza Shah Abdul Wahid, while LZS-MAIS was represented by LZS chief coordinating officer Abdul Basith Hamid.
The signing ceremony was witnessed by LZS Board of Trustees member Professor Emeritus Muhammad B Awang.
Bank Muamalat, in a statement, said the Ez-Zakat Muamalat service is offered at all 64 branches of Bank Muamalat throughout the country using the calculation method and deduction of zakat (tithe) according to the practice set by LZS-MAIS.
"This facility will facilitate Bank Muamalat’s Muslim depositors to fulfill their obligation on their savings. The deduction of zakat will be done automatically when they have enough haul (duration of one hijrah year) and nisab (the market value of 86 grammes of gold).
"In addition, zakat deductions made through Ez-Zakat Muamalat would entitle depositors to be accorded income tax relief under Section 6A (3) of the Income Tax Act 1967," he said.
Lembaga Zakat Selangor is Bank Muamalat’s second partner whom it provides the Ez-Zakat Muamalat service after the Pusat Pungutan Zakat of the Federal Territories Islamic Religious Council (MAIWP), with whom it signed a deal on March 26.
"Bank Muamalat intends to expand the zakat management collaboration with other states. Currently, Bank Muamalat is in the process of establishing the cooperation with four states," the statement said.
As a provider of Islamic banking services, Bank Muamalat aspires to make Ez-Zakat its iconic service. In addition to zakat, Bank Muamalat is actively promoting waqf (Islamic endowment), estate planning, and gold accounts.