DUETSCHE BANK LAUNCHES ONLINE ZAKAT SETTLEMENT IN MALAYSIA



Kuala Lumpur, 9 June 2010 – Deutsche Bank (Malaysia) Berhad (DBMB), a subsidiary of Deutsche Bank AG, today announced that it has officially launched an online zakat settlement solution in Malaysia, which leverages on Deutsche Bank’s highly acclaimed web-based platform, db direct internet. DBMB is the latest bank which is appointed by Lembaga Zakat Selangor (LZS) to provide an end-to-end Islamic tithe collection solution which is Shar’iah compliant

In other perspective, the online zakat settlement solution is the latest offering by DBMB to complement its suite of Islamic Banking solutions. The Islamic banking business in Malaysia is conducted by Deutsche Bank Malaysia Berhad through its Islamic banking window and Deutsche Bank AG, an International Islamic Banking branch.

Leveraging on Deutsche Bank’s online zakat settlement solution, corporate clients can now send and approve their staff zakat deductions where details of the zakat payments will be shared online with LZS. These zakat deductions and settlements can now be processed as part of the corporates’ overall staff payroll and claim process effected through Deutsche Bank’s suite of cash management solutions. With Deutsche Bank’s online zakat settlement solution, corporates can benefit from enhanced process efficiencies leading to time and resource savings.

“The launch of online zakat settlement solution in Malaysia marks a significant milestone for Deutsche Bank in Malaysia as it continues to introduce Islamic banking products to meet clients’ needs. This reflects our commitment in tailoring innovative and bespoke cash management solutions to enable the success of our clients,” said Yusoff Hassan, Head of Cash Management Corporates for Deutsche Bank in Malaysia.

“In a fast-growing economy like Malaysia, the collection and distribution of zakat is important to Muslims. We are pleased to partner Deutsche Bank in offering a seamless, secure and automated online zakat settlement solution to the business community in Malaysia,” said Mohamad Adzib Mohd. Isa, Chairman of Majlis Agama Islam Selangor