Al Maather REIT’s fund manager to pay Zakat on behalf of unit owners for 2019

09/03/2020 Argaam

 

Al Maather REIT fund will pay the Fund Zakat on behalf of the unit owners for 2019 as per the board of directors’ recommendation, fund manager Osool & Bakheet Investment Co. said in a bourse statement.

 

The Zakat provisions will be calculated on the 2019 dividends, the statement added.

 

Osool & Bakheet is currently working to implement the necessary procedures to register the fund with the General Authority of Zakat and Tax (GAZT).

 

The fund manager will announce the value of Zakat upon completion of the registration process, the statement noted, also indicating that the updated terms and conditions will be issued thereafter.

 

According to data compiled by Argaam, in March 2019, the board of directors of Al Maather REIT fund decided that that the fund manager will pay Zakat on behalf of the unit owners.

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