The Zakat Affairs Department at the Ministry of Awqaf and Islamic Affairs issued a statement of the share zakat percentages for forty companies listed on the Qatar Stock Exchange, for the fiscal year ending 2022.
In this context, Mr. Muhammad Jaber Al-Baridi, Head of Zakat Services Department at the Department of Zakat Affairs, stated that the department is keen to issue this bulletin annually to help shareholders calculate the zakat of shares they own in these companies in order to pay it at the required time.
Al-Baridi said: The Department of Zakat Affairs, as the official government agency authorized to collect zakat funds from those whose funds were due to be spent on its legitimate banks from the beneficiaries in the State of Qatar, also undertakes the calculation of zakat for small and medium-sized private companies, not listed on the stock exchange, at their request, indicating that The administration provides this service to companies and businessmen, believing in its vital and important role in society.
He added that the administration has a qualified team of researchers, Sharia experts and financial accountants specialized in calculating the zakat of companies, to issue a bulletin of the share zakat percentage for joint-stock companies.
Mr. Al-Baridi pointed out that the Department of Zakat Affairs annually holds a specialized course on calculating corporate zakat, in which one of the most prominent scholars and jurists of the science of arithmetic and the jurisprudence of zakat lectures. Financial managers, accountants and auditors in local companies are also invited to participate in the course. During this course, they are trained on the zakat account. The companies in which they work are based on the foundations and standards of Islamic law and an international process approved in the field of calculating corporate zakat.
The head of the Zakat Services Department urged all large, medium, and small companies, banks, and businessmen to pay the zakat of their money, considering it a legal obligation, and the right of God Almighty that must be paid to the poor and needy, especially as we are in the month of Ramadan in which the reward for good deeds doubles, calling for support for the fund’s charitable projects. within the State of Qatar.
In a related context, the bulletin for calculating zakat on shares for the year 2022 included seven main sectors, namely:
The banking and financial services sector includes Qatar Islamic Bank (0.2459 per share), Qatar International Islamic Bank (0.1349), Masraf Al Rayan (0.0203), Lesha Bank (formerly Qatar First Bank) (0.0321), and Dukhan Bank (0.0502). ), Leasing Holding (0.0170), Dlala Brokerage (0.0223), Qatar and Oman Investment (0.0014), and Inmaa Holding (formerly the Islamic Group) (0.0196). The insurance sector, which includes two companies: Islamic Insurance (0.0486) and Gulf Takaful (0.0270). The services and consumer goods sector, which includes Zad Holding (the company pays zakat on behalf of its shareholders), medical supplies (0.0001), medical care (0.0032), Wadam Food (livestock) (0.043), Al Meera (0.0407), stores (0.0067), Baladna (0.0114) and Miqdam (0.0169). ), and the transport sector, which includes Qatar Navigation (0.0478) and Nakilat (0.0029). The industry and trade sector, which includes manufacturing (0.0243), National Cement (0.0500), Industries Qatar (0.0994), Qatari investors (0.0205), Qatar Electricity and Water Company (0.0274), Salam International (0.0039), Qatar Fuel (0.1277), and the Gulf International Services (0.0179), Mesaieed (0.0121), Investment Holding Group (no zakat on it), Qatar Aluminum Manufacturing Company (Qamco) (0.0189), and Mannai Complex (0.0025). The real estate sector, which includes Aamal (0.0006), United Development (0.0147), Barwa Real Estate (0.0040), Ezdan Holding (no zakat on it), Mazaya Qatar (0.0035), and the communications sector, which includes my company / I want / (0.0122). And Vodafone (no zakat on it).
The aforementioned prospectus included a statement of how to calculate zakat on shares in a simple arithmetic way as an illustrative model, as follows: If the zakat per share in Qatar Islamic Bank is equal to (0.2459), then whoever acquires a thousand shares must multiply the percentage of zakat per share contained in Prospectus in the number of shares, to know that he must pay an amount of (245.9) Qatari riyals. The bulletin also referred to the method of calculating zakat on shares subject to speculation, as follows: The number of shares is multiplied by the market value of the share by (2.5%) to extract the zakat value for the Hijri year, and the number of shares is multiplied by the market value of the share by (2.5775%) to extract the zakat value for the year ad.
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