Announcement from Osool & Bakheet Investment Company regarding the payment of Zakat from Al-Maather REIT Fund
Monday, March 09, 2020 at 9:00 AM
Further to the announcement of Osool & Bakheet Investment Company published on 05/07/1440H corresponding to 12/03/2019G, concerning payment of Zakat for AlMa’athar REIT. The board of directors of Al Ma’athar REIT fund has decided that the fund manager will pay the fund zakat on the year 2018. Whereas, the fund did not pay the zakat for the year 2018 due to the incomplete the necessary procedure. The Fund Manager will pay the Fund Zakat behalf of the Unit Owners for the year 2019. The Zakat provision will be calculated in the 2019 dividends, We are working to implement the necessary procedure to register the fund with the General Authority of Zakat and Tax. The Fund Manager will announce the value of Zakat due on the Fund upon completion of the registration process at the General Authority of Zakat and Tax. According to this announcement, the Fund Manager announces updating the terms and conditions as per the attachment.