PPZ-MAIWP the first to offer digital asset payment channels

Abdul Hakim declares that the initiative aligns with technological progress and ensures that no one is excluded from fulfilling their zakat obligations

THE Federal Territories Islamic Religious Council Zakat Collection Centre (PPZ-MAIWP) launched the Digital Asset Zakat Payment Channel on Dec 18 in Kuala Lumpur, as its latest initiative to facilitate the fulfillment of zakat obligations in the era of the digital economy.

The 134th meeting of the Federal Territories Shariah Advisory Committee concluded that digital currency is a tradable commodity. That means ownership or trading of digital currency requires business zakat to be paid at a rate of 2.5%.