Maybank Islamic today distributed a total amount of RM 7.07 million to 15 State Zakat centers as well as to charity bodies and organizations in Malaysia, an increase of RM2.06 million compared to the financial year of 2009.

The total amount of zakat is derived from the profits earned by Maybank Islamic Berhad for the financial year of 2010. Of the total amount, RM5.25 million was distributed to State Zakat Collection Centers, while the balance of RM 1.82 million was distributed to organisations such as the orphanages, institutions of higher learning which offers Shariah courses, religious schools, non-governmental organizations (NGO’s), Islamic welfare institutions, and various other organisations which support Islamic causes.

These types of donations raise concerns about Shariah-Compliant Finance because Shariah law names “those fighting in the way of allah” as one category of recipient for zakat. Religious schools in Islam have been implicated in the recruitment and development of Jihadis and Islamic NGOs and “organizations which support Islamic causes” have also been tagged in terrorism financing schemes.

All of this is shrouded in Shariah Finance’s “black box,” since little or no details are disclosed about these activities.



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