Riyadh – Mubasher: Riyad Bank is expected to pay zakat ranging from 11% to 12% of its net profits, the lender’s CEO Tareq Al Sadhan told Al Arabiya.
The Saudi bank reached a settlement on the zakat issue with the General Authority of Zakat and Tax (GAZT), bringing the Islamic levy to the rates prior to 2007, El-Sadhan added on the sidelines of the World Economic Forum (WEF) held in Jordan.
In December 2018, major banks in Saudi Arabia reached settlements with GAZT on the zakat issue which was pending for more than 10 years.
