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Friday, 17 January 2014

Saudi Arabia: Plug loopholes in zakat law - Shoura member

RIYADH — A member of the Shoura Council has called for collecting zakat from rich individuals and denounced fears that such a move may encourage them to park their money in overseas bank accounts, Al-Watan daily reported.

Khedhr Al-Qurashi stressed that the zakat law should also review defaulting land schemes from the Shariah’s point of vie, and whether such schemes should be covered in the calculation. 

He described the trade of land schemes as a "parasite" that does not contribute to the country's economy and also stressed that the law should consider the huge amounts of money individuals have in banks.

Another council member asked that the law should define the size of land that are subject to zakat, while another member cautioned of loop holes in the law. Other members pointed out that the law is unclear as far as commercial residential buildings are concerned and questioned whether zakat should be paid on the value of the property or the income derived from it.

(Saudi Gazette / 17 Jan 2014)
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