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.
In a statement, EPF said Muslim members with Simpanan Shariah accounts may opt into the facility, which allows annual zakat payments to be deducted directly from their dividends after the annual dividend declaration.
EPF will act as an agent to remit payments to relevant state zakat authorities based on where members work.
Muslim members who do not opt into the facility may continue to fulfill their zakat obligations individually, while non-Muslim members are not subject to zakat, it said.
