Mulkia Gulf REIT says Zakat clauses updated for registration with ZATCA

17/02/2022 Argaam

Logo of Mulkia Gulf Real Estate REIT Fund

Mulkia Investment Co., the fund manager of Mulkia Gulf Real Estate REIT Fund, announced the Zakat calculation clauses for the fund to complete the registration process at the Zakat, Tax and Customs Authority (ZATCA) are updated, according to a bourse filing.

 

The changes are based on the previous approval of the fund’s board of directors and the conversion of the fund to be a special purpose entity (SPE).

 

The fund manager said in a bourse filing that the fund for Zakat purposes will be registered with ZATCA, starting from 2019.

 

The fund manager acknowledges that it is not possible to cancel the registration and stop supplying Zakat to ZATCA until the expiry of the fund’s term, unless changes are made to the mechanism of registration related to the investment funds for Zakat purposes from the regulatory authorities.

 

The effective date of the non-essential change in the Mulkia Gulf Real Estate REIT will be on March 3, 2022.

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