UAE set to centralise Zakat management

By Samir Salama

Abu Dhabi: The UAE's Zakat Fund, which collects zakat (alms) from Muslims as a percentage of their wealth, has said local Islamic banks and companies will have to pay 2.5 per cent of their net operating capital to the fund from the beginning of next year.

Abdullah Bin Aqeeda Al Muhairi, secretary general of the fund, said eight Islamic banks and 13 Islamic finance and insurance companies are among those that will have to make their zakat payments.

The fund's bylaws will be amended to make it obligatory for these companies to submit audited accounts and pay 2.5 per cent of their net operating capital to the fund, Al Muhairi told Gulf News in an interview.

The move, he said, is meant to streamline the distribution of zakat to needy people and charities.