UAE | Government
Banks to pay Zakat to federal fund
The UAE Cabinet has issued a decision obligating local Islamic banks to transfer 2.5 per cent of their annual profits to the Zakat Fund, Gulf News has learnt.
- Gulf News Report
- Published: 00:17 March 27, 2008
Dubai: The UAE Cabinet has issued a decision obligating local Islamic banks to transfer 2.5 per cent of their annual profits to the Zakat Fund, Gulf News has learnt.
The decision is meant to streamline the distribution of Zakat to needy people and charities. Earlier, Islamic banks distributed Zakat to underprivileged people and charitable organisations in the UAE on their own. However, they will no longer be allowed to distribute Zakat by themselves. Zakat, the third pillar of Islam, is an amount of money that every adult mentally stable and financially able Muslim has to pay to support the poor and the needy.
Share this article
More from UAE Government
More from UAE
Popular in UAE
-
Your pictures
Readers' pictures
The best reader pictures from around the UAE this week
Latest news
- Etihad to operate double daily flights to Frankfurt
- UAE tops country brand list in the region
- Are you a bookworm?
- Sharjah book fair officially opens
- Help me find my precious cat
- AG expresses confidence in public prosecution's skills
- Meet to discuss ways to secure energy supplies
- Deyaar case: Expert asked to submit detailed report i
- Institute adopts best judicial practices
- Masters in construction law to address sector's concerns
- New council to strike demographic balance
- Technology can negatively affect girls: forum
- Dubai-based British athlete attempts to swim around Palm in record bid
- Steppe Eagle flies back home after enjoying UAE hospitality
- Heavy vehicle speed limits may be introduced
Community Reports
-
Help me find my precious cat
Raif, my cute eight-month-old ‘fur ball', went missing in Abu Dhabi's Al Bateen area last month
-
Pavement parking irks pedestrians
Gulf News reader calls on authorities to step in and stop car owners from invading pathways meant for safe walking
-
Faded parking lines pose a problem
Motorists could be fined for parking incorrectly even though they can hardly see the boundaries in the designated areas
-
School buses block residential parking
Commercial vehicles taking up free parking facilities in Al Wuheida, inconveniencing residents in surrounding villas
