Riyad Bank to pay an average zakat of 12%: CEO

Riyad Bank will be paying an average of 11-12 percent zakat going forward, CEO Tarek A. Al-Sadhan told Al Arabiya channel in an interview.

After reaching a settlement on the zakat issue - which was pending for over 10 years - with the General Authority of Zakat and Tax (GAZT), the levy was brought back to the rates prior to 2007, he said.

According to data compiled with Argaam, Tadawul-listed banks agreed in December with GAZT to settle Zakat claims for the previous financial years and until the end of the fiscal year 2017.