Sharia Supervisory Board
Sharia Board Rulings — Zakat
The zakat announced on a CHAM BANK share each year, how shareholders and investment-account holders calculate it, and the Board's rulings on the zakat base.
Sharia Board Rulings — Zakat
Amount due
Zakat per share
For shares held for growth. Shares held for trading are zakated at 2.577% of their market value at the time zakat falls due.
| Year | Zakat per share (SYP) |
|---|---|
| 2016 | 11.79 |
| 2017 | 12.015 |
| 2018 | 9.730 |
| 2019 | 9.23 |
| 2020 | 17.781 |
| 2022 | 33.64 |
| 2023 | 116.38 |
Calculating the amounts is the bank management's responsibility; the Board's role is to set out which items enter the zakat base.
What this document covers
How zakat is calculated
- Zakat on CHAM BANK shares is assessed after the bank's annual accounts are issued; it may be paid early on account.
- Where the bank pays zakat on shareholders' behalf it does so on the principle of pooling, without testing each holding against the nisab.
- Investment-account holders add their account to their own wealth and zakate the total.
- Funds frozen at a correspondent bank stay inside the zakat base; profit-equalisation reserve enters it for the shareholders' share only; contractors' retentions are treated as cash security and are deducted.
- Assets available for deferred sale are valued at market value under Sharia Standard 35.
- Bad debts recovered during the year are zakated at 2.5% of the amount collected.
- Zakat is due each year on shares whose trading is suspended, because they remain in the shareholder's ownership.
Original document
The text above is a transcription of the official document, published so it can be read, searched and translated on any device. The signed PDF below remains the authoritative copy.