Zakat collection rules for investing in funds 'qualitative leap' for clarification of Zakat calculation: ElKuwaiz

24/12/2022 Argaam

Zakat collection rules for investing in funds 'qualitative leap' for clarification of Zakat calculation: ElKuwaiz

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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