Bank Albilad urged to pay SAR 615 mln extra zakat levy

Bank Albilad said it would have to pay an additional zakat claim of SAR 615.3 million for the years 2006-2014, after the zakat authority applied a new accounting method to the long-term investments of banks, according to the lender's financial statements seen by Argaam.

In 2016, the bank paid SAR 58 million in zakat claims for 2006, but appealed GAZT’s decision before the appeal committee.

The final assessments for the years 2015 and 2016 are yet to be raised by the GAZT.

Bank Albilad said it has not yet allocated any provisions for the additional claims.

Other banks operating in Saudi Arabia are subject to the same interpretation, and have yet to announce positions and any additional demands issued by GAZT.