freemarker.template.TemplateException: Error reading included file iwov-resources/ftl/common/Floating_Header_Navigation.ftl
Back

Maybank Islamic Introduces The Country's First Digital Zakat Auto Debit

More than 4 million Muslim customers can register for this service

KUALA LUMPUR, 25 JULY 2023: Maybank Islamic Berhad (“Maybank Islamic”) today launched the country’s first digital zakat auto debit for Islamic deposits and investment accounts.

The service known as “Auto Debit for Zakat Simpanan & Pelaburan” is now available through Maybank Group’s digital platforms, namely the MAE app and Maybank2u website, providing customers with a seamless way to fulfil their zakat obligations. To date, over 4 million Maybank Islamic customers can experience this new service.

By this new facility, customers can consolidate all their zakat payments for savings and investment accounts into a single statement. The zakat amount will then be automatically calculated and deducted upon consent by the account holders, from the customers’ accounts without any additional charges.

“This new feature aligns with Maybank Group’s commitment to enhancing customer experience beyond traditional banking by embracing digitalization and technological advancements. We intend to serve more than 4 million of our Muslim customers as well as Muslims who are looking to fulfill their zakat obligations but yet to become our customers,” said Maybank Islamic Chief Executive Officer Dato’ Mohamed Rafique Merican.

“Islamic finance goes beyond just transactional relationship, embodying the values of justice, fairness, and social responsibility. This aspiration carries the greater purpose of helping our customers not just in meeting their financial goals, but also aligned with their spiritual beliefs and ethical needs. With this new solution, customers are offered the convenience to consolidate their zakat contributions seamlessly while fulfilling their spiritual obligations,” he added.

The Auto Debit for Zakat Simpanan & Pelaburan feature is currently available for all Maybank Islamic savings and current accounts, including daily fund-i, term deposit, and term fund-i. Currently, customers can make zakat payments to Lembaga Zakat Selangor (LZS) and this will be expanded to other zakat bodies in the near future.

The feature will determine if the total balance in the participating accounts meets the minimum nisab requirement (the minimum amount that a Muslim must possess before being obligated to pay zakat). Customers meeting this requirement will receive push notifications, informing them of their eligibility for zakat payment and once the zakat deduction is made, customers will receive a notification confirming the successful payment.

For more information, customers can visit the Maybank2u website at https://maybank.my/AutoDebitZakat or visit the nearest Maybank branch for further enquiries.