How to Pay Zakat on Savings Income at Maybank2u in 5 Easy Steps

Paying Zakat on savings income through Maybank2u is a straightforward process that allows you to fulfill your religious obligation with ease. Here are the five easy steps to pay Zakat on savings income using Maybank2u:

Step 1: Verify Your Eligibility

Before proceeding, ensure that you meet the eligibility criteria for Zakat payment through Maybank2u:

  • You must be an individual Muslim customer who is at least 18 years old and holds a Malaysian MyKad.
  • You must have an Islamic Savings & Current Account or a Mudarabah Investment Account (such as Daily Fund-i or Term Fund-i) with Maybank Islamic Berhad.
  • Your total wealth, including savings and investments, must meet or exceed the Nisab threshold set by the Department of Awqaf, Zakat and Hajj (JAWHAR).

Nisab is the minimum amount of wealth required for Zakat, and it fluctuates based on the current gold price.

Step 2: Register for the Zakat Service

To get started, register for the Zakat Simpanan & Pelaburan service through Maybank2u:

Via Maybank2u Web:

  1. Log in to your Maybank2u account.
  2. Click on “Apply” in the top menu.
  3. Select “Services” from the dropdown list.
  4. Choose “Auto Debit for Zakat Simpanan & Pelaburan.”
  5. Fill in the necessary details and click “Continue.”
  6. Review your information and click “Confirm.”
  7. You will receive a confirmation message and an email notification.

Via MAE App:

  1. Launch the MAE app.
  2. Tap on “Apply.”
  3. Swipe the top bar to the left and select “Services.”
  4. Tap on “Auto Debit for Zakat Simpanan & Pelaburan.”
  5. Log in to your Maybank2u account and tap “Set Up Now.”
  6. Fill in the required details and tap “Continue.”
  7. Review your information and tap “Confirm.”
  8. You will receive a confirmation message and an email notification.

Step 3: Choose Your Participating Accounts

Once registered, you can select the Islamic deposit and investment accounts you want to include for Zakat deductions. Eligible accounts include various savings, current, and investment products offered by Maybank Islamic Berhad. You can choose multiple accounts for Zakat deductions but select one account as the source account for payments.

Step 4: Await Zakat Calculation and Deduction

Maybank Islamic Berhad will calculate your Zakat amount each year based on 2.5% of your total wealth (including Savings, Current, Term Deposit, Term Fund-i, and Daily Fund-i) that meets or exceeds the minimum Nisab threshold by the end of the calculation period, which is typically on October 31st.

The Zakat deduction will be made on November 7th. If your source account doesn’t have sufficient balance on the first deduction date, a second deduction will occur within the next 7 calendar days (typically on November 14th).

You will receive an SMS and email notification once the Zakat deduction is successful. You can also access your Zakat statement online through Maybank2u web or the MAE app.

Step 5: Verify Payment with the Zakat Agency

The Zakat payment will be automatically transferred to the relevant Zakat Agency, which, at present, is Lembaga Zakat Selangor (LZS). In the future, this service may be extended to other Zakat Agencies. To verify your Zakat payment with the Zakat Agency, follow these steps:

  • Provide your name, IC number, and payment reference number to the Zakat Agency.
  • You can request a receipt from the Zakat Agency for your records.

By using the Zakat Simpanan & Pelaburan service, you can fulfill your Zakat obligation efficiently and with the convenience of online payment via Maybank2u, all without any additional charges.

We hope this guide has helped you understand how to pay Zakat on savings income at Maybank2u in 5 easy steps. If you have any questions or feedback, please don’t hesitate to reach out.

Share this article:
Amir Zulkarnain
Amir Zulkarnain

Amir Zulkarnain, a tech enthusiast, provides insightful articles on the latest technological trends. Passionate about innovation, Amir offers a fresh perspective on the ever-evolving tech landscape.

Leave a Comment