DOHA: The state-run Zakat Fund has received the mandatory yearly Zakat due worth QR5.3m from Zad Holding Company (previous Qatar Flour Mills).
Sheikh Nawaf bin Mohammed bin Jabor Al Thani, Zad Holding Managing Director, handed a cheque to Jassim Mohammed Al Kubaisi, the Director of Zakat Fund at the Headquarters of the Company recently.
Zad Holding is paying the Zakat due on behalf of the shareholders for the second consecutive year.
Speaking on the occasion, Sheikh Nawaf noted that during the AGM of the Company in March 2008, shareholders approved a proposal of the Board to set aside 2.5 percent of the company surplus yearly income and pay it to Zakat Fund.
The Company's by-law was also amended since then to comply with that decision and to calculate the annual due in accordance to the Shariah. Al Kubaisi hauled Zad Holding's initiative and urged all companies listed at Qatar-Exchange to take a similar step.
"The shareholders and not the companies are paying the dues after the amount due per share is announced," he explained. In this regard, Al Kubaisi pointed out a new initiative taken by the Qatar Flour Mills, which has decided to pay the levy on behalf of the shareholders. "I urge all companies to take a similar step", he added.
The Fund is ready to provide technical assistance to companies in calculating Zakat levy due on their stocks.
Despite Islam makes it obligatory for individuals and companies to deduct 2.5 percent of their yearly income for Zakat payment, there is no law making it mandatory for companies to pay the levy.
Under this circumstance, the basic role of the Zakat Fund is now restricted to reminding the companies of the levies due per share. Then it would collect the cash from companies who pay the due amount voluntarily, said Al Kubaisi.
© The Peninsula 2009
