Mohammed ElKuwaiz, Chairman of the Capital Market Authority
Zakat collection rules for investing in funds are a qualitative leap for clarifying the mechanism of Zakat calculation for investment funds, said Mohammed ElKuwaiz, Chairman of the Capital Market Authority.
"They are a key incentive for increasing institutional investments in the funds, as well as maximizing their role in economic development," ElKuwaiz tweeted.
The official gazette Umm Al-Qura published, on Dec. 23, the details of Zakat collection rules for investing in funds after they were approved by Mohammad Al-Jadaan, Minister of Finance and Chairman of Zakat, Tax and Customs Authority (ZATCA), according to data available with Argaam.
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