Wednesday, November 29

Minister of Finance, Mohammed Al-Jadaan, approved amending some rules for calculating Zakat on financing activities.

The financing activities definition was amended to read: “Financing activities mean banks and financing companies licensed by the Saudi Central Bank (SAMA), as well as direct and indirect financing funds licensed by the Capital Market Authority.”

Two sub-paragraphs were also added to Article 4 on the sources of funds subject to financing activities’ Zakat…
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