Skip to main content - The company shall establish a Zakat Fund to deposit the Zakat due on the company's transactions as permissible under its articles of association.
- The Zakat Fund shall have an account independent from the other company's accounts, whether those related to the shareholders or participants. The Shariah Supervision Committee shall approve the method of managing the account
- Disbursement from this account shall be made under a decision of the company's board of directors, and in accordance with the Islamic Shariah provisions and as approved by the Shariah Supervision Committee.
- The board of directors of the company shall develop by-laws to regulate the operation and management of this Fund, provided that members appointed to manage it shall not receive any remuneration for their work in managing or supervising the Fund.
- In all cases, the company must calculate the Zakat due on the shareholders and must announce it after the approval of the Shariah Supervision Committee thereon within the final financial statements for the fiscal year.
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