The Company must establish a Zakat fund to deposit the Zakat due on the Company's transactions as permissible under its articles of association.
29.2
The Zakat fund must have an independent account from the other Company's accounts, whether those related to the shareholders or Participants. The ISSC must approve the method of managing the account.
29.3
Disbursement from Zakat fund account must be made under a decision of the Company's board of directors, and in accordance with the Islamic Shari’ah Provisions as approved by the ISSC.
29.4
The Company’s board of directors must develop by-laws to regulate the operation and management of Zakat fund, provided that members appointed to manage it must not receive any remuneration for their work in managing or supervising the fund.
29.5
In all cases, the Company must calculate the Zakat due on the shareholders and must disclose it, after the approval of the ISSC, within the annual financial statements.