How is zakat calculated for ASB investment?
- Includes all ASNB unit trust funds including investments in ASB
- Limited to cash investment only. Non-cash investments such as ASB funding or units blocked for Hibah are not included in the calculation
- Registered unit trust funds must reach at least one (1) calendar year to meet the 'haul' requirement in zakat assessment
- The investment amount is equal to or exceeds the amount of Nisab set.
Since November 2021, ASNB has provided a zakat calculator in the myASNB portal/application to facilitate the Muslim investors on zakat calculation.
The calculation of zakat in myASNB portal/application is based on the method set by the Majlis Agama Islam Wilayah Persekutuan (MAIWP) which is 2.5% of the total investment eligible for zakat calculation (in RM) on 31/12/2022, provided that the amount the investment equals or exceeds the Nisab amount set by MAIWP for the year 2022.
Investors can make zakat payments at any Zakat Collection Center of their choice. Under the Income Tax Act (ITA) 1967, Section 6A (3), the payment of zakat for the year of assessment, enables the investors to obtain tax rebate.