SHAH ALAM, June 20: The Selangor Zakat Board (LZS) will intensify promotions of stock zakat this year to increase the amount of the said zakat collection.
With the motto ‘World Stocks Future Stocks’, LZS targets for the effort to be able to change investors’ understanding, particularly Muslim investors, to make stock zakat as a responsibility.
Chairman of the Selangor Islamic Religious Council (MAIS), Datuk Setia Mohamad Adzib Isa said that the wealth created out of the stock game should be shared for the sake of strengthening Muslims as a whole.
“Previously, many Muslim investors were less exposed to stock zakat in detail, while the current investment sector is more complex with many variations.
“Stocks have not also become a new aspect of wealth for Muslims, which includes company shares, trust account shares, shares in bonds issued by the government and so on,” he said in front of about 100 attendees.
He was speaking during the Launching Ceremony of the Share Zakat which was held at the Plenary Hall, Shah Alam Convention Centre (SACC) yesterday.
Also present at the ceremony was the LZS Chief Executive Officer, Mohamed Izam Mohamed Yusof and the LZS Collection General Manager, Roszy Non.
With greater promotion this year, LZS targets for the zakat collection to increase by ten percent, which is RM8.5 million, compared to last year’s collection, which amounted to RM7.7 million.
LZA is the first zakat institution in Malaysia that updates the stock and investment zakat collection by creating the Stock Investment Zakat Fatwa Gazette on 30 March 2011.
The amount of zakat imposed is 2.5 percent from the value of investment at the end of the haul (exactly one year) while for investments traded, the total profit cashed throughout the year should be added.
For more information on stock zakat calculation, the public can visit the LZS website at www.e-zakat.com.my or directly contact representatives at the LZS office.