Home » Deutsche Bank Introduces Online Zakat Settlement In Malaysia

Deutsche Bank Introduces Online Zakat Settlement In Malaysia

News From : DagangHalal.com (14 Jun 2010)

KUALA LUMPUR, June 14 (Bernama) — Deutsche Bank (Malaysia) Bhd (DBMB) has launched an online zakat settlement solution in Malaysia, leveraging on its web-based platform, db direct internet.

A subsidiary of Deutsche Bank AG, DBMB is the first foreign bank to provide an end-to-end Islamic tithe collection solution, which is Shari’ah complaint for the Lembaga Zakat Selangor (LZS), the bank said in a statement Monday.

Clients can now send and approve their staff zakat deductions where details of payments will be shared online with the LZS, it explained.

“These zakat deductions and settlements can now be processed as part of an organisation’s overall staff payroll and claim process, effected through the bank’s suite of cash management solutions,” it added.

The bank said that this arrangement will ensure enhanced process efficiencies, leading to time and resource savings.

DBMB’s head of Cash Management Corporates, Yusoff Hassan said the service marks a significant milestone for the bank in Malaysia as it continues to introduce Islamic banking products to meet clients’ needs.

The Islamic Banking business in Malaysia is conducted by DBMB through its Islamic banking window and Deutsche Bank AG, an International Islamic Banking Branch.

— BERNAMA

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