EPF launches facility to deduct zakat from Simpanan Shariah dividends
KUALA LUMPUR: The Employees Provident Fund (EPF) has introduced Simpanan Shariah Business Zakat, a facility enabling Muslim members to automatically deduct zakat from their retirement savings.
The Employees Provident Fund (EPF) has launched a new Simpanan Shariah Business Zakat facility, allowing Muslim members to automatically deduct zakat from their retirement savings. This facility enables Muslim members with Simpanan Shariah accounts to have annual zakat payments deducted directly from their dividends after the annual dividend declaration, based on the location where they work.
EPF will remit the payments to relevant state zakat authorities. Muslim members who do not opt into the facility may still fulfill their zakat obligations individually. Non-Muslim members are not subject to zakat. The zakat would be calculated collectively for each financial year ending December 31 using the adjusted working capital method, at a rate of 2.577 percent.
EPF CEO Ahmad Zulqarnain Onn stated that this facility enhances Simpanan Shariah by providing a more seamless way for members to fulfill zakat obligations on their savings. Opting into the facility can be done through KWSP i-Akaun, self-service terminals, or EPF offices nationwide.
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