|09 January, 2020

Bahrain, Kuwait experts review new zakat opportunities

The three-day conference is being organised by the ministry’s Zakat and Charity Fund, in co-operation with Kuwait’s Zakat House.

BAHRAIN is leading the way in tackling challenges facing zakat cases, according to a senior minister.

With more than 400 financial institutions in the country, it was important to raise awareness about alms-giving and explain its purpose, said Justice, Islamic Affairs and Endowments Minister Shaikh Khalid bin Ali Al Khalifa.

He was speaking at the opening of the 27th Contemporary Zakat Issues Symposium, held under his patronage at the Diplomat Radisson Blu Hotel and Spa yesterday.

“The symposium aims to encourage scientific and Sharia research, contribute to preparing a new generation of specialised researchers, enrich the Islamic library with more books and researches on zakat issues and extend bridges of co-operation with financial institutions and zakat funds,” he said.

The three-day conference is being organised by the ministry’s Zakat and Charity Fund, in co-operation with Kuwait’s Zakat House.

Attending are scholars and zakat specialists from across the Islamic world.

Shaikh Khalid asserted that the fund welcomed co-operation from zakat departments in other GCC countries, praising the awareness-raising and charitable role played by the Zakat House in Kuwait, as well as its effective contributions to achieving social solidarity and compassion.

This is the third time Bahrain is hosting the annual symposium, after the fourth one in 1994 and 14th in 2005.

“The Zakat and Charity Fund always welcomes co-operation with zakat departments in other GCC countries.

“We have more than 400 financial institutions and Bahrain is leading the way in holding conferences on zakat cases.”

Kuwait’s Zakat House member Mohammed Al Feza said the forum will focus on zakat from Takaful insurance companies (a type of Islamic insurance where members contribute money to guarantee each other against loss or damage).

“The conference will also discuss zakat cases and challenges facing zakat cases in court,” he told the GDN.

“Every year we choose to discuss key issues facing commercial establishments.

“In some countries companies have to compulsory give zakat, while in other countries it is optional.

“We have to provide companies with legislation and rules on how to calculate zakat.

“From the technical point, commercial establishments have to check their profits according to international rules, and we help them with Sharia solutions.

“At this forum we will discuss commercial insurance and Takaful insurance.

“There are a number of Takaful insurance companies in Bahrain, Kuwait, Saudi Arabia and the UAE.”

Zakat and Charity Fund head of zakat Salah Haider Hussein underlined the strong partnership between Bahrain and Kuwait in hosting such forums.

“Bahrain and Kuwait have been in partnership for a very long time,” he said adding that zakat was a philosophy of Islamic economics.

“It is for funds not to be frozen but help the economy and society. Currently zakat is not mandatory on companies, but it might be in the future.”


© Copyright 2019 www.gdnonline.com

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business